CFA Society Singapore
SINGAPORE (Aug 16): Heeton Holdings and KSH Holdings is jointly acquiring its second hotel in Japan.
The 10-storey Smile Hotel in Asakusa, Tokyo, comprises 96 bedrooms and is located close to the Asakusa metro.
The freehold property has a land area of 361.38 sqm and a total gross floor area of 1,793.43 sqm.
Heeton will hold a 70% interest while KSH will hold the remaining 30% in the consortium making the acquisition.
The hotel will remain operating under the Smile Hotel brand and will be managed by the current hotel operator.
This is the second hotel acquisition in Japan by the duo, the first being Super Hotel Sapporo.
Eric Teng, CEO of Heeton says, “We are excited by this latest hotel acquisition in Japan. We are confident of Japan's hospitality assets as an attractive long-term investment.”
Choo Chee Onn, executive chairman and managing director of KSH says, “We have great confidence in the country’s long-term development and coupled with the excellent location, the hotel is well poised for growth. We will be working closely with Heeton to enhance value from both our existing and future assets."
Shares in Heeton last traded at 52 cents, while shares in KSH last traded at 61 cents on Wednesday.