Japan Hotel REIT Acquires 170-key Hotel JAL City Kannai Yokohama For JPY4 Billion
Japan-based Japan Hotel REIT has bought the 170-key Hotel JAL City Kannai Yokohama (“The hotel”) for JPY4 billion. Located in central Yokohama, the limited-service hotel is in close proximity to Yokohama’s Chinatown, seaside attractions, and the Nihon-Odori railway station. The acquisition comes after a steady recovery of business and leisure demand in the Kannai area. The purchase was funded with a JPY1.2 billion loan from Japan-based MUFG Bank and a JPY2.8 billion loan from the Development Bank of Japan. The hotel is expected to be leased to a wholly owned subsidiary of Japan Hotel REIT’s strategic partner, Hotel Management Japan.
