Singapore sovereign wealth fund GIC has purchased a portfolio of 16 hotels operated by Marriott International in Japan for approximately ¥125 billion, equivalent to about $800 million, according to citybiz. This acquisition expands GIC’s hospitality investments in the Japanese market.
The hotels in the portfolio run under Marriott’s Four Points Flex by Sheraton brand. Marriott International will maintain operational control of the properties following the transaction.
The portfolio was sold by funds managed by KKR & Co. Inc., which confirmed completion of the sale to an unnamed global institutional investor before Bloomberg identified GIC as the buyer. The deal represents
a major institutional real estate transaction within Japan’s hospitality sector.
At an estimated ¥125 billion purchase price, the acquisition implies an average value of about ¥7.8 billion per hotel, although no individual property valuations were disclosed. GIC’s purchase adds a significant mid-scale hotel portfolio under a recognized Marriott brand, while KKR exits these assets through its managed funds.
