Ishin Hotels Group
has sold the Hilton Otaru in Japanís Hokkaido prefecture to the Park Hotel Group. Currently managed by Ishin Hotels Group
under a franchise agreement with Hilton International, Hilton Otaru will be rebranded by Park
Hotel Group as the Grand Park Otaru.
Set within Wing Bay Otaru, one of Hokkaidoís largest indoor shopping malls, Hilton Otaru overlooks Ishikari Bay. The 296-room full-service hotel
features four food and beverage outlets, and an extensive range of meeting facilities including wedding chapels. The hotel is directly connected
via a walkway to JR Otaru Chikko station, which is on the main JR Hakodate line.
The acquisition of Hilton Otaru is Park Hotel Groupís first in Japan. ďNoting the slowdown in investment activity by private equity funds, the sale
demonstrates demand by Asian investors who are relatively free from non-recourse lending and may find opportunities in the current market,Ē said Mr
Tom Sawayanagi, Managing Director Japan, Jones Lang LaSalle Hotels - exclusive advisor to Ishin Hotels Group.
Blessed with a natural coastline and mountain wilderness, Otaru is a popular resort destination with diverse marine attractions, historical
buildings, and cultural attractions. Situated only 30 minutes from Sapporo, the harbour port town of Otaru is famous for its abundant seafood
and is revered for the quality of its sushi.
In 2007 Otaru welcomed 7.4 million visitor arrivals. Supported by robust domestic demand and continued growth in international visitor arrivals
from major source markets such as Taiwan and Korea (ROK) to the Hokkaido region as a whole, the market is expected to maintain a steady
balance in visitor arrivals.
Singapore-based Park Hotel Group currently owns and manages seven hotels in Singapore, China and Hong Kong. This includes its recent
acquisition of the 338-room Grand Castle Hotel Xian, which will be rebranded as Grand Park Xian.
Based in Tokyo, Ishin Hotels Group owns and operates 24 hotels in Japan.
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