CDL, through its indirect wholly-owned subsidiary M&C Sakura TMK, has acquired the Bespoke Hotel Osaka Shinsaibashi for 8.5 billion yen($78.5 million). This is the group’s third hotel acquisition in 2023, following their purchase of the Sofitel Brisbane Central in Australia in March and the Nine Tree Premier Hotel Myeongdong II in South Korea in July.
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Located in Osaka’sShinsaibashi commercial district, the 256-room freehold lifestyle Bespoke Hotel is within walking distance of many popular shopping districts and malls, like the famous Midosuji Avenue andShinshaibashi-suji shopping street, and the Nagahoribashi and Shinsabashi stations.
Kwek Leng Beng, CDL’s executive chairman, commented on the acquisition: “Japan’s tourism industry has rebounded strongly post-pandemic, and we saw this as a great opportunity to expand our hotel portfolio. Our group owns the 329-room Millennium Mitsui Garden Hotel in Tokyo Ginza as well as other rental apartment assets in Yokohama and Osaka. This investment is aligned with our group’s strategy to actively grow and diversify our global real estate portfolio.”
The investment is particularly timely, as tourism in Osaka is expected to grow in the coming years. Already home to Universal Studios Japan, the world’s third-most visited theme park in 2022 with 12.4 million visitors, Osaka will host the six-month long World Expo in 2025, drawing an estimated 30 million visitors, and the US$10 billion MGM Integrated Resort in 2030, which is expected to attract 20 million visitors a year.