Invincible Investment Corporation Acquires Ten Hotels in Japan for JPY34.3 Billion Genting Malaysia Berhad Divests Non-Casino Assets in the US for MYR2.2 Billion Victoria Government Supports Hotel Development in Stawell, Australia with AUD16 Million Grant

INV Acquires 10 Hotels in Japan for JPY34.3 billion, Genting Malaysia Berhad divests non-casino assets, including two hotels in the US for MYR2.2 billion, and Victorian Government supports hotel development in Stawell, Australia.

Japan-based real estate investment trust, Invincible Investment Corporation (“INV”), has acquired ten hotels for a total consideration of JPY34.3 billion from six Japan-based sellers, affiliates of the US-based Sponsor, Fortress Investment Group LLC [1]. The acquisition includes properties such as the 154-key Irago Ocean Resort for JPY6.9 billion and the 188-key Kirishima Kokusai Hotel for JPY6.5 billion. The hotels are situated across various regions in Japan, including Aichi, Kagoshima, Mie, Gunma, Shizuoka, Kanagawa, Ibaraki, Kochi, and Fukuoka, and are all operated by Japan-based hotel management company, Iconia Hospitality K.K. Following this acquisition, INV’s portfolio has increased from 104 to 114 hotels.

Meanwhile, Genting Malaysia Berhad has divested non-casino assets worth approximately MYR2.2 billion to a US-based non-profit organization, Sullivan County Resort Facilities Local Development Corporation (“SCRFLDC”) [1]. The divestment includes the 332-key Resorts World Catskills and the 99-room Alder Hotel, among other properties. The proceeds will be used to redeem approximately MYR1.3 billion in bonds, making Empire Resorts debt-free, and to acquire 1,554.6 acres of land from US-based EPR Properties for MYR848.1 million.

Additionally, the Victorian Government has supported a new AUD16 million hotel development in Stawell, Australia, through a grant awarded under the 2024 Regional Tourism Investment Fund [2]. The project, developed by Choice Hotels International Inc. and Barkly Property Ventures, will feature 77 studio-style rooms and is expected to generate an estimated AUD150 million for the local economy over the next decade.

References:

[1] https://www.hospitalitynet.org/news/4128751.html
[2] https://www.mingtiandi.com/real-estate/finance/patrizia-buys-tokyo-residential-buildings-for-gic-japan-fund/