News release

JLL advises on JPY1.725 billion sale of Red Planet Sapporo Susukino South hotel

Cross-border transaction highlights the strong interest for hotel assets with vacant possession

May 11, 2023

Andrew Peck

+65 9823 7917

TOKYO, 11 May 2023 – JLL’s (NYSE:JLL) Hotels & Hospitality Group today announced that it advised GK Fortune One on the successful sale of the Red Planet Sapporo Susukino South hotel to GK Nakashima for JPY1.725 billion (approximately US$13 million), an investment vehicle owned by a consortium led by Singapore’s Heeton Holdings Limited (“Heeton”)

According to JLL, the hotel has been acquired with vacant possession and will be re-branded to a domestic Japanese hotel brand. Built in 2018, the hotel is located in Susukino, the entertainment and nightlife district of Sapporo and features 123 rooms across eight floors.

“We are seeing strong appetite for hotels with vacant possession where investors can rebrand and capitalize on the exceptional recovery in tourism demand in Japan. JLL is delighted to have advised on this exciting transaction and helped Heeton to secure their third hotel in Japan.” says Charlie Macildowie, Executive Vice President, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.

According to data from Smith Travel Research (STR) Global, the Sapporo Limited-Service hotel segment has seen strong recovery in 2023 with revenue per available room (RevPAR) up 184% for year-to-date March versus the same period in 2022. This performance represents 82% of the RevPAR achieved for year-to-date March 2019 and positions the market on track for a full recovery in 2024, according to JLL forecasts.

The Heeton-led consortium comprises Heeton subsidiary Heeton Invesco Pte Ltd, Hong Heng Company Private Limited and NineCo Investments Pte Ltd.

“As an established but growing hospitality player, we are pleased to add another quality asset to our portfolio. We are bullish about tourism in Japan, particularly in the long term with the newly announced Osaka Integrated Resort, and will continue to acquire interesting hospitality assets there, as well as other exciting tourist destinations as part of our efforts to broaden our international presence,” commented Ivan Hoh, Chief Executive Officer of Heeton Holdings Limited.

According to JLL analysis, interest for Japanese hospitality assets remains buoyant on the back of the strong recovery and attractive borrowing costs in comparison to other markets across the world.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit