Blackstone is acquiring the Bespoke Hotel Osaka Shinsaibashi in Japan from Singapore’s City Development Ltd (CDL) for JPY14bn (€77.5m).
The 256-room property was sold by CDL’s subsidiary, M&C Sakura TMK, to Blackstone real estate funds.
Daisuke Kitta, Blackstone’s head of real estate Japan, said: “We are pleased to strengthen our footprint in Japan and add a prime asset to our real estate portfolio. This is an intersection of two of Blackstone’s high conviction investment themes – the hospitality and leisure sector and Japan.
“We are one of Japan’s most active foreign investors in hotels and bring a track record of investing in high-quality assets, unlocking their potential through our scale and operational expertise, and delivering value for our investors.”
Kwek Eik Sheng, CDL’s group COO, said: “This well-timed divestment demonstrates CDL’s ability to identify the right opportunities, taking advantage of Japan’s strong hospitality demand, and executing well to drive and unlock value since acquiring the asset just over two years ago.”
CDL said the divestment of Bespoke Hotel Osaka Shinsaibashi was the group’s fourth major capital recycling transaction in 2025, following the divestment of its stake in the South Beach development, the sale of Piccadilly Galleria, and the more recent sale of its 250-unit multifamily asset in Sunnyvale, California, bringing the group’s total contracted divestments to over S$1.8bn (€1.2bn) year-to-date.
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