US-based alternative investment firm, Blackstone Inc. (“Blackstone”), is acquiring the 256-key Bespoke Hotel Osaka Shinsaibashi, in Osaka, Japan from M&C Sakura TMK, a wholly owned subsidiary under Singapore-based City Developments Limited (“CDL”) for JPY14 billion. This translates to approximately JPY54.7 million per key. Opened in 2019, the freehold property has a total gross floor area of 5,585 square metres (“sqm”) and includes a lounge that also serves as a breakfast venue. Located in Shinsaibashi district, the property is a four-minute walk from Nagahoribashi Station and a five-minute walk from Midosuji Avenue. CDL purchased the asset for JPY8.5 billion in August 2023 and its divestment now reflects a gain of JPY5.5 billion.
