City Development Limited invested freehold Osaka hotel for SGD$78.5 million
Singapore real estate developer, City Development Limited (CDL) makes its third hotel acquisition in 2k23 with the recent acquired 256-units freehold hotel, The Bespoke Hotel Osaka Shinsaibashi. The Osaka hotel was recently acquired successfully for 8.5 billion yen ($78.5 million) via CDL’s indirect wholly-owned subsidiary, M&C Sakura TMK, 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. Sited in the heart of Osaka’s Shinsaibashi commercial district, The freehold lifestyle Bespoke Hotel first started operation in 2K19, is within walking distance to several famous shopping district 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 boosted Japan tourism industry recovery, particularly Osaka, will spruced up the vitality of the recently purchased freehold hotel in years to come. A report by the well-established Singapore real estate developer. Coming in third position globally, the amusement park in 2K22 attracted 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 spontaneously outreach and expand our global property portfolio,” says Kwek Leng Beng, CDL’s executive chairman.
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