On March 27, LoadStar Capital announced the formation of a special purpose company to acquire six luxury hotels from restaurant operator Hiramatsu and real estate developer NTT Urban Development Corporation.
The six boutique hotels to be acquired are:
- The Hiramatsu Hotels & Resorts Kashikojima, an 8-room hotel in Shima, Mie Prefecture. The property has a GFA of 1,300 m2 and sits on 1.4 hectares. It was built in 1984 but refurbished and rebranded in 2016. Nightly room rates are around 140,000 Yen.
- The Hiramatsu Hotels & Resorts Atami, a 13-room hotel overlooking Sagami Bay in Atami City. The property has a GFA of 1,800 m2 and sits on 1.1 hectares. It was built in 1988 as a traditional Sukiya-style holiday home and converted to a hotel in 2016. Nightly room rates are around 120,000 Yen.
- The Hiramatsu Hotels & Resorts Sengokuhara, a 20-room hotel in Hakone. The property has a GFA of 3,200 m2 and sits on 1.3 hectares. Built in 2016. Nightly room rates are around 90,000 Yen.
- The Hiramatsu Hotels & Resorts Ginoza, a 19-room hotel in Okinawa with a GFA of 3,300 m2 and 3.1 hectares of land. Built in 2018. Nightly room rates are around 53,000 Yen.
- The Hiramatsu Kyoto, a 29-room urban hotel in central Kyoto with a GFA of 3,800m2 and 1,100 m2 of land. Built in 2020. Nightly room rates are around 72,000 Yen.
- The Hiramatsu Karuizawa Miyota, a 28-room and 9-villa hotel in Karuizawa, Nagano, with a GFA of 7,900m2 and 6.4 hectares of land. Nightly room rates are around 80,000 Yen.
NTT and Hiramatsu formed an agreement in 2015 to develop and operate luxury, boutique hotels in mostly resort locations across Japan.
The acquisition price of the hotel portfolio has not been made public but Loadstar indicated that it would amount to more than 30% of the company’s 19.3 billion Yen (US$127 million) of consolidated net assets as of December 2023.
Source: Loadstar Capital News Release, March 27, 2024.
