Japan hotel assets being sold off
US buyout firm Bain Capital is selling part of its Japan hotel assets through a real estate investment trust initial public offering in Tokyo that may raise nearly 20 billion yen (US$190.35 million), sources familiar with the matter told Reuters.
Bain joins other property investors who are cashing in on investors’ demand for higher yields from REITs at a time of ultra-low and even negative rates in Japan.
Bain last year bought Japanese hotel and spa operator Ooedo Onsen Holdings, which operates 31 hotels and spa facilities nationwide, for about 50 billion yen. Ooedo Onsen is best known for its spa on the man-made island of Odaiba in Tokyo Bay.