Grand Nikko Tokyo Daiba Sold for $691 Million
Skift Take
TPG Angelo Gordon, in partnership with Kenedix, is purchasing the Grand Nikko Tokyo Daiba hotel from Hulic Co. for $691 million as part of its strategy to invest in opportunistic real estate in Asia.
STR reported on China hotel data for the week ended October 26th. China Hotel RevPAR was down -2.7% for the week on a year-over-year basis. It was up against a tough +88.7% comp in 2023. Occupancy was up 1.1% for the week year over year, while ADR fell -3.8%.
Mandarin Oriental Hotel Group has confirmed plans to increase its portfolio in China over the next ten years as part of an accelerated growth strategy. Mandarin Oriental already operates 10 hotels across Greater China, the last of which is the Mandarin Oriental Qianmen Beijing, which opened on October 12th. Their pipeline of Chinese hotels includes Tianfu in Chengdu, Hangzhou, and Nanjing. Mandarin Oriental's investment in Greater China is part of the Group's new global strategy to double its portfolio over the next 10 years by pursuing opportunities in growing luxury travel markets. The Asia region continues to be a strong source of growth for the company.
MGaller
