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News Release

Tokyo

Jones Lang LaSalle Hotels advises on sale of Niseko Village by Citigroup


08 March 2010  - Jones Lang LaSalle Hotels is pleased to announce on behalf of Citigroup Principal Investments Japan Co., Ltd. that YTL Hotels & Properties Sdn Bhd has entered into an acquisition agreement to purchase the Niseko Village in Niseko, Japan. Jones Lang LaSalle Hotels as exclusive advisor negotiated the sale on behalf of Citigroup Principal Investments Japan Co., Ltd.

Located at the foothills of Mt. Niseko An’nupuri, Niseko Village features a 506-room Hilton Hotel, 200-room Green Leaf Hotel,  two 18-hole golf courses including a par 72 golf course designed by Arnold Palmer, 155 hectares of ski mountain with seven ski lifts and 15 ski trails, leisure amenities, natural hot springs, and 462 hectares of freehold land. 

“With its ease of accessibility to the inbound and domestic markets, attractive terrain, reliable infrastructure, and consistent quality and quantity of powder snow, Niseko is Asia’s leading skiing destination” comments Nihat Ercan, Vice President Investment Sales, Jones Lang LaSalle Hotels. “YTL Hotels’ master plan to create an integrated village concept with private houses, premium ski-in-ski-out estates and an entertainment core inspired by destinations such as Vail in Colorado, Whistler in British Columbia, and St Moritz in Switzerland will position Niseko Village as Asia’s best all-around summer and winter resort destination”  said Mr Ercan.

Commenting on the second hotel transaction Jones Lang LaSalle Hotels has sold to an Asian investor in 2010 in Japan, Tom Sawayanagi, Managing Director Japan, Jones Lang LaSalle Hotels said, “Japan continues to feature firmly on the radar of South East Asian investors who are drawn by the quality of real estate, as well as business, legal and taxation transparency”.


Scott Hetherington, Managing Director Asia, Jones Lang LaSalle Hotels added, “The sale demonstrates the ongoing investor sentiment for quality assets in Japan, and investor’s confidence in the country’s hotel and tourism sector, and in particular confidence in destinations such as Niseko which are popular with Asian travellers.”

“Furthermore the sale underpins the strong investment demand that Japan is seeing from Asian investors, who are generally financing acquisitions from internal sources and remain attracted to opportunities due to the underlying real estate value and future growth prospects. The sale of Niseko Village follows three other recent hotel transactions negotiated by Jones Lang LaSalle Hotels to first time investors into Japan from Asia.” said Mr Sawayanagi.