JLL Hotels & Hospitality Group has announced that it has advised GK Rio Grande on the successful sale of the former 2ND by hotel androoms Sapporo and the 2ND by hotel androoms Nagoya Nishiki.
ICP has proposed to acquire a stake in 2 hotel properties located in Sapporo and Nagoya, Japan via a 6.5 billion yen (S$64 million) transaction, it said late on Wednesday (Sep 21) night in a bourse filing.
The group, through its wholly-owned subsidiary, will take a 5 per cent stake in a joint venture (JV) company that acquires the properties. JV partner Topco, which is a subsidiary of a US-based global asset management firm specialising in alternative investments, will own the remaining 95 per cent.
A wholly-owned subsidiary of the JV company has entered into a conditional purchase and sale agreement to acquire the trust beneficiary interest of the properties.
The 2 hotels, which currently operate under the 2ND by hotel androoms brand, will be operated by the newly appointed Travelodge Hotels (Asia). This will expand Travelodge’s portfolio of hotels in Japan and complement ICP’s 2 other existing Travelodge hotels in Japan.
The Sapporo hotel is situated in Susukino, the primary entertainment and nightlife district in Hokkaido. Built in 2019, the hotel has 14 floors with 212 rooms.
Meanwhile, the Nagoya hotel has 13 floors with 211 rooms and was built in 2017. It is located within downtown Nagoya, flanked by the retail district of Sakae and the traditional central business district of Fushimi – home to domestic Japanese firms in the banking, finance and telecommunications industries.