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HVS Asia Pacific Hospitality Newsletter – Week Ending 12 May 2023

Red Plant Hotel in Sapporo, Japan Transacted at JPY1.73 Billion

GK Fortune One has just sold the Red Planet Sapporo Susukino South Hotel to Singapore-based consortium led by Heeton Holdings Limited through their local investment vehicle GK Nakashima. The consortium also includes Singapore-based Hong Heng Company Private Limited and Singapore-based NineCo Investments Pte Ltd. The 123-key property has been acquired for approximately JPY1.73 billion with vacant possession. According to new plans, the hotel will be rebranded to a domestic Japanese hotel brand. Built in 2018, the property consists of one restaurant which serves breakfast, launderette and vending machine. The property is located in Susukino, the entertainment and nightlife district of Sapporo, it is also located approximately 50 kilometres from New Chitose International Airport.

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