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JLL advises on sale of Sheraton Okinawa Sunmarina Resort

JLL's Hotels & Hospitality Group has advised on the sale of the Sheraton Okinawa Sunmarina Resort on behalf of the seller, Enokizaka TMK.  The resort was sold to Mori Trust Co., Ltd on 28 December 2016.


​​​SINGAPORE, 12 JANUARY 2017 – JLL's Hotels & Hospitality Group has advised on the sale of the Sheraton Okinawa Sunmarina Resort on behalf of the seller, Enokizaka TMK.

The resort was sold to Mori Trust Co., Ltd on 28 December 2016. Founded in 1970, Mori Trust Co., Ltd specialises in real estate development, hotel management and investment businesses.

"This transaction required a large amount of effort and coordination to complete. Parts of the property were under construction or renovation during the marketing process and the offering included sites due for future development; approval from the existing hotel franchisor was also required for the contract to be finalised," says Tomohiko Sawayanagi, Managing Director, Japan, JLL Hotels & Hospitality Group

Located in Onna Village along the western coast of Okinawa, the 246-room resort faces the sea and enjoys easy access to the white sand beach.  Following the resort's rebranding to Sheraton last June, the newly-renovated resort is currently undergoing a phased expansion, with the completion of a new complex containing 46 guestrooms in late December 2016, as well as the development of an ocean-view wedding chapel and wellness centre, set to be completed this year.

Sawayanagi adds: "Due to the rarity of its beachfront location within an established resort area on Okinawa Island, the Sheraton-branded resort, along with its extensive facilities, was highly regarded by Mori Trust. We were pleased to support both the seller on its exit strategy, and the buyer on its growth strategy throughout the transaction."

According to JLL Japan's Hotel Market update, Okinawa is the country's most popular beach resort destination, as its unique culture draws high tourism volumes throughout the year. The increasing visitor arrivals are boosted by the ongoing liberalisation of visa policies for foreign visitors to Japan, contributing to a 29.1 percent growth in the first half of 2016 as compared to the same period in the previous year.

In response to the growing arrival numbers, the Japanese government has also revised the international visitor targets from 20 million to 40 million by 2020. China is expected to continue leading the inbound market as the principal source of tourism while emerging markets such as Indonesia and India are forecast to drive growth over the longer term.

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​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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 70,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

JLL has over 50 years of experience in Asia Pacific, with 34,000 employees operating in 92 offices in 16 countries across the region. The firm won 15 awards at the International Property Awards Asia Pacific in 2016 and was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards. www.ap.jll.com