Blackstone has purchased Moxy Kyoto Nijo in Kyoto, Japan, from Goldman Sachs Group for Y8bn ($54m), reported Bloomberg.

This comes soon after the hotel brand Moxy announced plans to open a hotel called Moxy Banff in Banff, Alberta, Canada, last month.

Moxy Kyoto Nijo opened in July 2021 and is a part of the Marriott International brand portfolio.

The 158-room property offers a Lobby Bar with communal seating serving breakfast, lunch, and dinner and provides access to nearby restaurants.

It has 48m² of event space, with two meeting rooms hosting corporate as well as social gatherings.

Other amenities at the property include a game room, fitness centre, free Wi-Fi, and more.

The property is situated within a three-minute walk from JR and Subway Nijo station and is near the World Heritage site of Nijo Castle.

In August 2023, Blackstone's head of Japan real estate Daisuke Kitta revealed that the company was pursuing multiple acquisitions across Japan.

The acquisition plan included properties such as hotels and data centres.

It has added a minimum of 12 hotels to its portfolio in Japan over the last two years.

Before this, Blackstone’s real estate unit announced plans to divest G6 Hospitality, taking the valuation of the owner of budget hotel brands to exceed $1bn in 2021.

Blackstone is an alternative asset manager with 12,500 real estate assets and more than 230 portfolio companies.

Meanwhile, Goldman Sachs Group is a global financial institution that provides an array of financial services to corporations, financial institutions, governments, and individuals.

The company was founded in 1869 and is headquartered in New York.