CBRE Group and SMBC Trust Bank have been retained to advise on the sale, the people said, asking not to be identified because the discussions are private. The parties are seeking to finalise the deal early this year. Still, discussions are ongoing and they may decide against proceeding with a transaction, the people added.
KKR & Co. and Gaw Capital Partners are in talks to sell the Hyatt Regency hotel in Tokyo to Japan Hotel REIT Investment Corp for more than JPY100 billion ($879 million), according to people familiar with the matter.
The two investment firms bought the hotel in the Shinjuku area for an estimated JPY60 billion less than two years ago, and a quick sale reflects the heated interest in Japan’s hotels amid a tourism boom coupled with a weak yen and low borrowing costs.
