This is the group’s fourth divestment in 2025, following the sale of its stake in South Beach, the sale of Piccadilly Galleria and the sale of its multifamily asset in Sunnyvale, California.
City Developments Limited, through its indirect wholly-owned subsidiary, M&C Sakura TMK, has entered into a purchase and sale agreement with Real Estate funds managed by Blackstone, to divest the Bespoke Hotel Osaka Shinsaibashi in Japan for JPY14 billion ($117 million).
CDL had acquired the hotel in August 2023 for JPY8.5 billion, less than a year after Japan reopened its borders to visa-free international travel in October 2022. At the time, CDL said that the hotel was well-placed to benefit from the recovery of tourism in Japan, especially in Osaka, where tourism is expected to strengthen in the coming years.
