GIC acquires major hospitality portfolio
GIC is acquiring a portfolio of hotels, ski resorts and golf courses across Japan from Seibu Holdings for circa US$1.3bn following a year-long marketing process. Blackstone, Morgan Stanley, KKR, Fortress, and other large institutional investors, are rumoured to have also bid on the portfolio. The anchor assets, which make up the majority of the value of the 30+ asset portfolio, are larger hotels managed under Seibu’s Prince Hotel brand in Tokyo, Yokohama, Kyoto, Sapporo and Hiroshima.