LaSalle acquires “Hotel ibis Styles Tokyo Bay” in Shin-Urayasu
SINGAPORE (June 19, 2018) — LaSalle Investment Management (“LaSalle”) announced today that it has acquired “ibis Styles Tokyo Bay”. The transaction was made on behalf of LaSalle Asia Opportunity V (“LAO V” or “the Fund”), the fifth in the real estate investment manager’s flagship closed-end, pan-Asia opportunistic fund. More information on the Fund is available here.
Located close to the Tokyo Disney Resort in Hinode, Urayasu City, Chiba Prefecture, the 216-room ibis Styles Tokyo Bay comprises 8 floors above ground with a total floor space of 6,714.68 m². It is in an attractive tourist location that boasts excellent access to the theme parks around Maihama, with the nearest station, Shin-Urayasu Station, only a short 15-minute walk from the hotel.
Hotel ibis Styles Tokyo Bay is within walking distance to Shin-Urayasu Station, and in close proximity to Tokyo Disney Resort
The investment is anticipated to capitalize on rapid growth in inbound tourists to Japan over the next three to five years, supported by the increasing number of middle-income households in China and the rest of Asia region. In particular, hotels near major tourism attractions are expected to benefit from the trend the most, as visitors stay in and around key destinations.
Kunihiko Okumura, Head of Acquisitions of LaSalle Investment Management in Japan, commented: “We are delighted to continue to expand our portfolio exposure in the hospitality sector further to the successful US$1.1 close of our LAO V fund. Japan holds many opportunities for us and Urayasu, Chiba, in particular is experiencing strong growth for its hospitality sector, underpinned by a booming domestic tourism market and its growing reputation as a resort destination. We have seen a remarkable growth in the rate of inbound travelers in recent years, and expect hospitality assets in the region to perform well backed by a strong support base of investors."
Scheduled to open on July 2 this year, ibis Styles will be operated by AAPC Japan KK, the Japanese subsidiary of AccorHotels, a world-leading travel & lifestyle group headquartered in France.
AccorHotels is the world's largest international hotel chain with some 4,500 hotels and 460,000 rooms spread across 100 countries. The company operates four brands in Japan: Swissotel, Mercure, ibis and ibis Styles. This latest hotel marks the 12th group hotel including hotels in Sapporo (2), Tokyo (2), Narita, Yokosuka, Nagoya and Naha.
Added Kunihoko, "The AccorHotel brand is a renowned hospitality and international brand. We believe its stellar reputation will lend great value to boost the profile of ibis Styles Tokyo Bay, and attract international travelers to make the hotel their accommodation of choice."
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $68.4 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.