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Singapore-based hospitality trust adds to Japan hotel portfolio with USD87 million purchase

Contracts exchange on Osaka hotel to Singapore’s Ascendas Hospitality Trust


SINGAPORE, 26 MARCH 2014 - JLL’s Hotels & Hospitality Group has exchanged contracts for the sale of Namba Washington Hotel Plaza in Osaka, Japan to Singapore-based Ascendas Hospitality Trust (“A-HTRUST”) for JPY8.9 billion (USD87 million).
The purchase is A-HTRUST’s first acquisition in Japan since its initial public offering in July 2012 and will add a second Japanese asset to its portfolio.
Opened in 1997, the Namba Washington Hotel Plaza offers 698 guestrooms and two food and beverage outlets spread across 14 floors and two basement levels. The Hotel has long been one of the flagship properties of hotel operator, Washington Hotel K.K., which has over 50 years of experience, 43 hotels, and a proven track record in the Japanese market.
Atsushi Murai, Senior Vice President, Investment Sales Asia, JLL Hotels & Hospitality Group said: “We are excited to announce that contracts have exchanged for this key sale in Osaka. The second largest hospitality market in Japan, Osaka is the economic centre of the Kansai region and the gateway to other tourist destinations such as Kobe, Kyoto, and Nara.”
“We have seen hotel trading performance in Japan improve in line with the expansion of the domestic economy and renewed growth in corporate and leisure travel.  Investors are showing a greater willingness to take on more risk as the global economy regains confidence which has underpinned the compression of yields.  We are seeing significant interest from private investors, owner-operators, listed companies and institutional investors from both domestic and regional markets and we expect this trend to continue throughout 2014 as further opportunities come to market.”
In the first quarter of 2014, JLL Hotels & Hospitality Group has exclusively brokered seven properties in the Japan market, representing over 1,800 rooms and approximately USD190 million in transaction volume, underscoring the country as one of the most prominent real estate and hospitality investment markets in Asia.

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Notes to Editors:

1. A high resolution image of the hotel is available on request.

About JLL 
JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit

JLL has over 50 years of experience in Asia Pacific, with over 27,500 employees operating in 80 offices in 15 countries across the region. The firm was named ‘Best Property Consultancy’ in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013. 

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