Japanese developer Samty Holdings has launched a second hotel-focused fund seeded with 3 properties located in Tokyo, Kyoto and Hida-Takayama.
The fund, which has received commitments from several domestic institutions, holds the seed portfolio offering almost 750 rooms.
Samty, backed by Hillhouse Capital’s real estate arm, Rava Partners, has also simultaneously announced that it has raised a total of US$500m (€429m) at the second closing of its multifamily asset fund, a vehicle launched last year in partnership with a sovereign wealth fund.
Unlike the first hotel-focused fund launched last year, which was jointly managed by EastGate Group, Samty Asset Management will independently raise capital and manage the second fund.
It has appointed AAPC Japan, which operates hotels in Japan for the French hotel group Accor Hotels, to run the properties.
Yasuhiro Ogawa, president and CEO of Samty Holdings, said: “The launch of this second hotel-focused fund, alongside the second closing of the multifamily asset fund, underscores our transformation into a fully integrated real estate investment and asset management platform.”
Akihiko Ogino, Daiwa Securities president and CEO, said domestic and international institutional investors had shown strong interest in the Japanese real estate market. Samty was making steady progress as a fund management business and that his company would collaborate with Hillhouse to support its growth, he added.
Joe Gagnon, partner at Hillhouse and co-head at Rava Partners, said: “Having now established itself as a leader in Japan’s fund management industry, we look forward to continuing to support Samty in driving its ongoing growth and to closing more funds in the future.”
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