CityDev: 54.1% owned Millennium & Copthorne Hotels (M&C) will invest in its first Japanese hotel in Ginza district, Tokyo. Co will buy a land site together with a building for JPY9.5b (approx $142.5m) from Cosmos Initia and total cost of the land acquisition and development for a new hotel is expected at JPY14.6b ($218.4m)...
The existing building on the purchased land will be demolished to make way for a deluxe hotel with 325 rooms and facilities which is to be completed by 4Q2014. M&C may invite other investors to participate in the investment to reduce risks but intends to maintain a majority stake…
The project will be managed by Mitsui Fudosan and operation of the hotel will be undertaken by Mitsui Fudosan in a term lease under a co-branding arrangement. City Dev trades at a current P/B of 1.5x and hotel ops made up approx 50.4% of FY2010 rev.
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