|Roxy-Pacific Holdings has acquired its second hotel asset in Japan, Tenmabashi Grand Hotel Osaka, for JPY 3.0 billion (~S$36.8 million).
Launched in May 2017, the 154-room Tenmabashi Grand Hotel Osaka is an 8-minute walk away from Tenjibashi shopping street – the longest shopping street in Japan.
Nearby tourist hotspots include the Osaka Tenmangu Shrine, Osaka Castle Park, as well as the famous Cherry Blossoms at the Osaka Mint Bureau.
The hotel is minutes away from the Osaka Temmangu and Temmabashi train stations, as well as the Minamimorimachi subway station -- offering convenient access to public transportation and connectivity throughout Osaka and greater Japan.
The 9-storey hotel -- which has 3,672 sq m of total floor area -- will, upon completion of the acquisition in October 2017, be self-managed by the Group’s Noku Roxy hospitality management arm, which currently operates a boutique hotel in Kyoto, Japan – Noku Kyoto.
|“Since its soft opening in April this year, Tenmabashi Grand Hotel Osaka has received warm reception due to the merits of its location and easy connectivity to public transportation.
"Our self-managed Noku Kyoto hotel has achieved high room rates and good yield – a testament of the effective business model that we hope to replicate in the Osaka hotel asset so as to bolster our recurring income streams for greater resilience.”
-- Chris Teo (photo),
Managing Director of Roxy-Pacific
Through its furnishings and curated list of attractions and F&B offerings in the vicinity, the Noku Roxy brand aims to showcase the best version of the city, as well as hidden gems only visited by the locals.
Attention to detail and personalised experiences also create a differentiated stay for guests.
Roxy-Pacific’s acquisition of the Osaka hotel comes amidst a tourism boom for Japan, which received 13.8 million tourists in the first six months of 2017, a 17.9% increase from 11.7 million a year ago .
Osaka received a record number of foreign visitors in 2016 exceeding 9.4 million, representing a 31% hike from 20152 . The city also boasts one of the highest hotel occupancy rates of any major city in Japan.
Amongst the Noku Roxy hospitality brand asset pipeline includes a 50-villa resort in Maldives, and a separate resort in the Chalong sub-district of Phuket, Thailand, planned for launch in the last quarter of 2017 and 2019, respectively.