CDL acquires 256-room Osaka hotel for $78.5 mil

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CDL has further solidified its presence in Japan with the latest acquisition of the Bespoke Hotel Osaka Shinsaibashi for 8.5 billion yen. With the acquisition, the 256-room freehold lifestyle hotel becomes CDL’s third hotel purchase in the country this year. The hotel boasts an ideal location, situated in the centre of Osaka’s Shinsaibashi commercial district and close to several popular shopping districts and malls such as the Midosuji Avenue and Shinsaibashi-suji shopping street.

CDL’s executive chairman, Kwek Leng Beng, expresses that the Bespoke Hotel Osaka Shinsaibashi acquisition is part of the group’s overall strategy to actively diversify and expand their global real estate portfolio. With tourism in Osaka expected to be on the rise in the following years, particularly with the World Expo set to take place in 2025, and the MGM Integrated Resort set to open in 2030, the group is in a great position to reap the rewards of increased tourism in the city.

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Sofitel Brisbane Central in Australia and the Nine Tree Premier Hotel Myeongdong II in South Korea were acquired by CDL earlier this year. These acquisitions further consolidate CDL’s presence in the hotel industry, with the group already owning the 329-room Millennium Mitsui Garden Hotel in Tokyo Ginza, and other rental apartment assets in Yokohama and Osaka.

Already home to Universal Studios Japan, which is the world’s third-most visited theme park in 2022 with 12.4 million visitors, Osaka is well-placed to benefit from the recovery of tourism post-pandemic. The six-month long World Expo in 2025 is estimated to attract 30 million visitors and is a great source of potential for the group. The US$10 billion MGM Integrated Resort, offering a casino, entertainment, shopping, hotel and MICE facilities, projecting to welcome 20 million visitors a year upon its opening, is also a great opportunity for CDL.