Retail News CRM

Tag: Best Western

  • Nomura Real Estate Master Fund Buys Tokyo Best Western for $55 Million

    Nomura Real Estate Master Fund Buys Tokyo Best Western for $55 Million

    Nomura Real Estate Master Fund has agreed to acquire the Best Western Hotel Fino Tokyo Akasaka from developer Ichiken for JPY 8.7 billion ($55 million). That prices the 87-key property at JPY 100 million ($626,000) per room. The price represents a 20 percent discount to its July appraisal value of JPY 10.9 billion.

    Settlement will take place on 1 September following signing on Thursday, funded with cash on hand. Ichiken carries the asset at JPY 5.3 billion on its books. The sale delivers a gross spread of JPY 3.4 billion before transaction expenses.

    Property Cash Flow and Operator

    Completed in March 2020, the 13-storey building spans 2,385 square metres in Minato ward. It sits three minutes on foot from Akasaka and Akasaka-mitsuke subway stations. Double rooms make up 86 percent of the inventory. That space includes 22 moderate doubles, 53 superior doubles, 11 superior twins and one accessible deluxe twin.

    Polaris Holdings operates the property under a lease where rent is calculated as a fixed percentage of gross operating profit. Foreign visitors represent 95 percent of all guests and stay an average of 3.7 days. Based on an appraisal net operating income of JPY 385 million, the asset yields 4.4 percent on the purchase price.

    Portfolio Shift Toward Hospitality

    The acquisition expands the trust’s hotel holdings by 31 percent to JPY 37 billion across nine properties. Hospitality now accounts for 3.3 percent of total portfolio assets, up from 2.6 percent. Greater Tokyo hotel exposure increases to JPY 11.1 billion from JPY 2.4 billion. Master Fund holds JPY 1.1 trillion across commercial, logistics, residential and lodging assets.

    Recent portfolio moves include Master Fund’s sale of eight residential buildings to Integral Real Estate for JPY 10.8 billion in March 2025 and its March purchase of two Tokyo properties for JPY 8.9 billion. Looking ahead, Minato ward is targeting more than 9 million overnight stays in 2026, up from 8 million in 2024.

  • Best Western Unveils First Hotel in Surabaya, Indonesia

    Best Western Unveils First Hotel in Surabaya, Indonesia

    Best Western International has unveiled its first hotel in Indonesia’s second largest city, Surabaya.

    The new BEST WESTERN Papilio Hotel is a modern midscale hotel conveniently located just 20 minutes’ drive from Juanda International Airport and close to popular attractions including Suroboyo Carnival Night Market and the MAS Mosque.

    Set in an eye-catching glass and steel building, the hotel offers a choice of spacious guest rooms, all of which come equipped with amenities designed to help guests unwind and stay productive. These include comfortable beds, ergonomic work desks, 32-inch LED TVs and complimentary Wi-Fi.

    Guests can take a cooling dip in the outdoor swimming pool, indulge in a sumptuous massage at the spa, or work up a sweat in the fitness center, while kids can make splash in the children’s pool.

    BEST WESTERN Papilio Hotel also serves up excellent local and international cuisine at the Mariposa Restaurant, and whatever the time of day, guests can relax and enjoy a drink in the lobby lounge and bar.

    And meeting planners will be able to choose from a variety of flexible function spaces, all equipped with the latest audio-visual equipment and served by a dedicated events team.

    “As Indonesia’s second largest city, Surabaya was the logical next step for Best Western International’s Indonesian expansion,” said Ron Pohl, Best Western International’s Senior Vice President of Brand Management.

    “BEST WESTERN Papilio Hotel will be an excellent addition to our rapidly growing portfolio in Indonesia, bringing modern midscale comfort to the rising number of domestic and international travelers Surabaya is now attracting,” he added.

    Olivier Berrivin, Best Western International’s Managing Director of International Operations – Asia, commented; “With its ideal location close to Surabaya’s main business district and attractions, yet away from the worst of the city’s traffic, BEST WESTERN Papilio Hotel truly offers the best of both worlds.

    “In addition to this, the hotel’s vast array of amenities exceeds its midscale status, offering guests an elevated experience at a reasonable price point. I am confident this exceptional hotel will become a firm favorite among travelers to Surabaya,” Mr. Berrivin concluded.

    The launch of BEST WESTERN Papilio Hotel increases Best Western International’s Indonesian portfolio to 15 hotels, spread across eight popular destinations.

    Best Western Unveils First Hotel in Surabaya, Indonesia

    Best Western Unveils First Hotel in Surabaya, Indonesia

    Best Western Unveils First Hotel in Surabaya, IndonesiaBest Western Unveils First Hotel in Surabaya, Indonesia

    Best Western Unveils First Hotel in Surabaya, Indonesia
    Lees ook:

    Lees ook:

    Lees ook: