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News Release

Jones Lang LaSalle Hotels advises Sotetsu Group on the acquisition of the Chisun Grand Akasaka Hotel


[Tokyo, 8 November 2011]
 
Sotetsu Inn Kaihatsu Kabushiki Kaisya, a subsidiary company of Sotetsu Group announced on Nov 2nd that they have entered into an acquisition agreement to purchase the Chisun Grand Akasaka Hotel Tokyo Japan. Jones Lang LaSalle Hotels is pleased to have advised and assisted Sotetsu Group on due diligence and contract negotiations of the acquisition.

 

The 136-room limited-service Hotel is located in Akasaka, one of Tokyo's central business districts as well as a popular and established hotel area. The Hotel enjoys close-proximity to entertainment facilities such as Akasaka BLITZ and ACT Theatre located a short walking distance. The Chisun Grand Akasaka also enjoys excellent and convenient communication links to the other major business and leisure districts of Tokyo.

 

Upon completion of the acquisition due on 20th December 2011, the Hotel will be rebranded to “Hotel Grand Fresa Akasaka” and operated by Sotetsu Inn Kabushiki Kaisya, which is under Sotetsu Group.

 

Mr. Atsushi Murai, Senior Vice President of Jones Lang LaSalle Hotels Tokyo noted, “We are pleased to have played an instrumental role in Sotetsu Group’s first acquisition of an existing hotel. In addition to supporting the negotiations of the sales and purchase agreement our role also covered the complex task of coordinating the seller’s due diligence process and guidance on the complicated transaction structure from an investment fund.”

 

Mr. Tom Sawayanagi, Managing Director of Jones Lang LaSalle Hotels Tokyo, added “Although, in the past, we have been retained on the behalf of Sellers on several hotel transactions, this has been a unique opportunity to support a Buyer. We look forward to be involved in similar support and advisory roles in the near future”. Mr. Sawayanagi added, “Assisting both buyers and sellers would greatly facilitate and ease the disposition and acquisition process in Japan and therefore increasing liquidity of the hotel asset market in Japan.