Singapore-based sovereign wealth fund GIC has acquired a portfolio of 16 Marriott International-operated hotels in Japan for roughly ¥125 billion, equivalent to about $800 million, according to citybiz. The hotels all operate under Marriott’s Four Points Flex by Sheraton brand.
Funds managed by KKR & Co. Inc. were the sellers in the transaction. KKR announced completion of the sale to a major global institutional investor without naming the buyer. Bloomberg later identified GIC as the purchaser.
Marriott to Continue Operations; KKR Exits Hospitality Assets
Marriott International will maintain management of the 16 hotels under the Four Points Flex by Sheraton brand following the sale. The ¥125 billion price
tag places the average value of each hotel around ¥7.8 billion. KKR’s sale represents an exit from these hospitality assets within its managed funds.
This transaction adds a significant portfolio of mid-range hotels to GIC’s global property assets. It also marks a notable institutional real estate deal in Japan’s hospitality market, reinforcing GIC’s investment footprint while KKR withdraws from the sector.
