AXA IM Alts has expanded its hospitality footprint in Japan with the acquisition of a ¥6.8bn (€43m) hotel in Kyoto.
The hotel, expected to complete a refurbishment in early 2025 and rebranded as Holiday Inn Gojo under management by IHG Hotels & Resorts, will include 183 guest rooms across 13 floors and feature dining and leisure amenities.
Laurent Jacquemin, head of Asia-Pacific at AXA IM Alts, said: “The fallout from the COVID-19 pandemic provided a compelling entry point for new acquisitions in certain pockets of the hospitality sector. The sector’s favourable structural drivers, including an increase in domestic and international tourism, underpin this highly attractive investment.
“We have long track record of successfully executing value-add projects as we look to reposition this sizeable, well-located hotel in a market characterised by a scarcity of foreign-brand hotels.
“Japan is a key global market for AXA IM Alts, and one where we will look to pursue our deployment in 2024, targeting those sectors benefitting from supportive technological, urbanisation and demographic trends.”
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