Blackstone Expands Hotel Portfolio with Three New Acquisitions in Japan

Blackstone, a leading global alternative asset manager, has announced that its real estate funds have entered definitive agreements to acquire three hotels in Japan. These hotels, namely Ritz Carlton Okinawa, Kise Beach Palace, and Nest Hotel Osaka, augment Blackstone's hotel portfolio in the country to a substantial $1.3 billion. This strategic expansion reinforces Blackstone's position as a prominent foreign investor in Japan's thriving tourism industry. The acquisition is driven by Blackstone's strong belief in hospitality and leisure as lucrative investment themes, spurred by increasing inbound and domestic travel in Japan. Daisuke Kitta, Blackstone's Head of Real Estate Japan, emphasizes the company's commitment to supporting the long-term success of these hotels through operational expertise and global resources. The announcement follows Blackstone's active acquisition strategy in Japan, including a significant purchase from Kintetsu Group Holdings. Jeremy Bleackley, Managing Director at Blackstone Real Estate, highlights the aim to transform these properties into premier destinations supporting local economies. The investments occur amid record-breaking tourism figures in Japan, suggesting a promising future for the sector.