Japan Hotels Portfolio

Acquisition of a stake in a portfolio of eight hotels / 2,294 keys, with value concentrated in three hotels located in front of central train stations or landmark attractions in Osaka, Kyoto and Fukuoka, acquired in October 2021.

Japan's hotel sector offers attractive risk-adjusted returns driven by structural tourism tailwinds: record inbound visitors, limited new hotel supply in prime locations, and a favorable currency environment. The portfolio's concentration in front of central train stations and landmark attractions in Osaka, Kyoto and Fukuoka provides prime positioning in Japan's most visited cities. Institutional-quality hotel operations provide downside protection through recurring corporate demand.

Active investment. The portfolio of eight hotels with 2,294 keys continues to benefit from Japan's tourism recovery and prime positioning in key gateway cities.