CDL acquires 256-room Osaka hotel for $78.5 million
The Bespoke Hotel Osaka Shinsaibashi was Singapore real estate developer, City Development Limited, third hotel acquisition in 2k23. The 256 units freehold Osaka hotel was acquired successfully for 8.5 billion yen ($78.5 million). CDL’s indirect wholly-owned subsidiary, M&C Sakura TMK, was in charge for this recently acquisition of the Osaka hotel. The group acquired the Sofitel Brisbane Central in Australia in March and the Nine Tree Premier Hotel Myeongdong II in South Korea in July. located in Osaka’s Shinsaibashi commercial district, The freehold lifestyle Bespoke Hotel have 256 units which first started operation in 2K19, is within walking distance to several famous shopping malls including the city’s famous Midosuji Avenue and Shinsaibashi-suji shopping street is within walking distance as well as subway train station like The Nagahoribashi and Shinsabashi stations. The strong recovery in Japan tourism industry, particularly Osaka, will rejuvenate the newly acquired freehold hotel in years to come. A report by the well-established Singapore real estate developer. Placing in the third most patronized amusement park in 2K22 with 12.4 million visitors, Universal Studios Japan, which is Osaka will also arrange World Expo in 2K25 which last six months, and is estimated to brings in 30 million visitors. slated to open in Osaka in 2K30, In addition, the US$10 billion ($13.5 billion) MGM Integrated Resort is a resort with wide spectrum of tourism facilities like casino, entertainment, shopping, hotel and MICE (or meeting, incentives, conferences and exhibitions), is targeted to welcome 20 million visitors annually upon its grand opening ceremony. “Japan’s tourism industry has gained back strong momentum post-pandemic, and we saw this as a excellent option to strengthen our hotel portfolio. Our group owns the 329-room Millennium Mitsui Garden Hotel in Tokyo Ginza as well as other rental apartment assets in Yokohama and Osaka. This investment is aligned with our group’s strategy to actively grow and diversify our global real estate portfolio,” says Kwek Leng Beng, CDL’s executive chairman.