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News Release


Jones Lang LaSalle Hotels advises Developers of Initial Development Area in Osaka Station North District on negotiation with InterContinental Hotels Group

29 July 2010 - A development consortium comprising twelve real estate developers for the project of Initial Development Area in Osaka Station North District announced that they reached agreement with InterContinental Hotels Group (“IHG”) to manage a new hotel in the area.  Jones Lang LaSalle Hotels successfully advised the consortium on contract negotiation with IHG.
The luxury hotel, scheduled to open in 2013, will be the first “InterContinental” branded hotel in Kansai area. The project will offer approximately 200 guestrooms and approximately 50 residential units. 
Mr. Naofumi Araya, Vice President of Jones Lang LaSalle Hotels Tokyo noted, “With its highly regarded brand equity and international profile, the InterContinental Hotel will enhance the value of Osaka Station North District.” 
Mr. Yasokazu Terada, Executive Vice President of Jones Lang LaSalle Hotels Tokyo, added “The new entry of a luxury hotel to Osaka in the current economic climate will prove the potential of tourism and hotel market.  The city’s tourism will benefit from the Osaka Station North District project as well addition of a new international luxury brand attracting more visitors both business and leisure to the destination.”
Mr. Terada added, “Since the opening of our Tokyo office in 2000, Jones Lang LaSalle Hotels has assisted and advised on numerous hotel contract negotiation assignments.  In Tokyo, the team has been involved with several landmark projects including Mandarin Oriental Tokyo, The Ritz-Carlton Tokyo and Shangri-La Hotel Tokyo. We are delighted to have the opportunity to again support our clients in the opening of an international luxury hotel in Osaka. Our strong track record and experience in successful hotel contract negotiation assignments is well recognised in the industry.”
About the Initial Development Area in the Osaka Station North District

The Initial Development Area in the Osaka Station North District is a 7-hectare segment within the 24-hectare property to the north of Japan Railway (JR) Osaka Station designated for immediate urban renewal projects known as "Osaka Station North District."  In June 2005, Urban Renaissance Agency (UR) began working on the "Land Readjustment Project for Osaka Station North - Ofuka Higashi District," requesting proposals from potential developers in cooperation with the other landowner, Japan Railway Construction, Transport and Technology Agency.  The approved property developers were announced in May and November 2006, and the property was delivered to them by June 2007.  In February 2008, the area was declared an "urban renewal special district" with its urban planning finalised.

Developers (12 companies) :
NTT Urban Development Corporation
Obayashi Corporation
Orix Real Estate Corporation
Kanden Fudosan Co., Ltd. (Japanese only)
Nippon Steal City Produce, inc. (Japanese only)
The Sumitomo Trust and Banking Co., Ltd.
Sekisui House Corp.
Takenaka  Corporation
Tokyo Tatemono Co., Ltd.
Nippon Tochi-Tatemono Co., Ltd. (Japanese only)
Hankyu Corporation only)
Mitsubishi Estate Co., Ltd.