Singapore’s sovereign wealth fund GIC purchased a portfolio of 16 hotels operated by Marriott International in Japan for approximately ¥125 billion, equivalent to about $800 million, according to citybiz. All properties in the deal operate under the Four Points Flex by Sheraton brand managed by Marriott.
Details of the Transaction and Operations
The seller was KKR & Co. Inc., which sold the portfolio through funds it manages. KKR had announced the sale to a major global institutional investor but did not initially disclose the buyer’s identity. Bloomberg later reported GIC as the purchaser. Marriott International will maintain management of these hotels under the Four Points Flex
by Sheraton brand.
The transaction implies an average valuation of about ¥7.8 billion per hotel. Neither KKR nor GIC released further financial terms or specific details of the sale.
