Real estate investment company Axe Management Partners has acquired three hotel properties from CapitaLand Ascott Trust (CLAS) for Y10.7bn ($75m).
This deal marks a significant investment in the Japanese hospitality sector, with the properties set to launch under the new Garner hotel brand, in partnership with IHG Hotels & Resorts.
According to Axe Management, the collaboration between Axe Management and IHG Hotels & Resorts aims to establish the Garner brand outside of North America, which also involves the creation of design and branding concepts, along with upgrade work.
The partners are focusing on sales, marketing, and operational strategies to offer differentiated, enhanced guest experiences in the premium midscale segment.
The three hotels, which are currently known as WBF Honmachi, WBF Kitasemba East, and WBF Kitasemba West, are expected to open in the fourth quarter of this year.
With more than 500 rooms and a gross floor area of approximately 10,000m², the properties are strategically located in the prime district of Honmachi Osaka.
The hotels' central location offers convenient access to Osaka Metro stations, commercial districts, and the Shinsaibashi tourism area. They are also within two stops of the Namba and Umeda terminal stations and five stops from the Shin-Osaka Shinkansen station.
Attractions such as the Future World Expo 2025, Japan's first integrated resort and casino, and Universal Studios are 25 minutes away by train.
The prime location of these properties positions them to attract both business and leisure travellers.
Axe Management founder and managing partner Sam Lau said: “We foresee attractive opportunities to emerge in selected regions across Japan and Asia in the coming months.
“Japan has had strong momentum and we expect this will continue in the foreseeable future. This investment underscores our commitment to Japan, where we plan to deploy more capital and make further acquisitions in the near future.”
Last month, CLAS announced the sale of Citadines Mount Sophia Singapore for S$148m ($110.10m).
