BPEA Real Estate has bought a newly-built select-service urban hotel in Osaka’s Midosuji Boulevard.
Although the hotel was recently built, BPEA said it plans to renovate several areas. IHG Hotels & Resorts will operate the 305-room asset under its Holiday Inn Express brand.
The deal is BPEA Real Estate’s first hospitality asset purchase in Japan since the close of its BPEA Real Estate Fund II fund in 2018. That fund seeks to generate opportunistic returns by investing in a diversified portfolio of value-add and opportunistic assets in Japan and across Asia.
Eric Siegel, managing director and regional head of hospitality, BPEA Real Estate, said: “With our track record in real estate investments, we are looking forward to stewarding the asset and exploring further hospitality-related investment opportunities in the region.”
Abhijay Sandilya, managing director - Japan, IHG Hotels & Resorts and CEO IHG ANA Hotels Group Japan, said: “We have been committed for some time to bringing this world-class brand to Japan when the time was right, and now with a great partner in BPEA Real Estate, an amazing asset, and the world poised to reopen, we are thrilled to introduce Holiday Inn Express to the Japanese market.”
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