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ANNUAL REPORT 2014
(1) The two Japan hotels were valued (average of two valuations done by DTZ Debenham Tie Leung Kodo Kaisha and International Appraisals
Incorporated) as at 30 October 2014 using the Discounted Cash Flow, Cost, Direct Capitalisation and Sales Comparison approaches.
CDLHT made its foray into the Japanese market with the acquisition of two freehold Tokyo hotels (Hotel MyStays Asakusabashi and
Hotel MyStays Kamata) in December 2014. Opened in late 2009, both hotels are within close proximity to major transportation networks
and tourist attractions.
Hotel MyStays Asakusabashi is a business (economy) hotel which is located in central Tokyo. It has easy access to Asakusa and Akihabara,
and is only a few stations away from several popular sightseeing spots and attractions, such as the traditional cultural area of
Asakusa. The hotel is also within walking distance to various subway and railway stations. The hotel’s modern rooms feature
a décor of elegant simplicity catering to travellers of either business or leisure. 24 rooms equipped with kitchenettes allow long-stay
visitors to have the option of cooking their own meals. A convenience store is also located on the ground floor and a variety of dining
options are available around the hotel.
Hotel MyStays Kamata is a business (economy) hotel, located near to Keikyu-Kamata Station which is only a 10 minutes train ride
away from Haneda Airport. It is within close proximity to JR Kamata Station where there is direct access to JR Tokyo Station as well as
nearby major core cities such as Shinagawa, Kawasaki and Yokohama. The hotel’s cosy rooms with refined interiors offer a comfortable
environment for guests who are travelling alone or otherwise. The hotel also has 25 rooms equipped with kitchenettes, suitable for
long-stay guests.
Both properties were also awarded the TripAdvisor’s Certificate of Excellence in 2014.
PROPERTY DETAILS
Hotel:
Hotel MyStays Asakusabashi
Hotel MyStays Kamata
Number of guest rooms:
138
116
Other facilities:
1 convenience store
N.A.
Car park facilities:
6 car park lots
6 car park lots
Land area:
567 sq m
497 sq m
Title:
Freehold
Freehold
Vendor:
AKH GK (indirect wholly-owned subsidiary of Real Estate Capital Asia Partners III L.P.)
Purchase price at 19 December 2014:
¥3.20 billion
¥2.60 billion
Valuation
(1)
as at 30 October 2014:
¥3.40 billion
¥2.66 billion
HOTEL MANAGEMENT AGREEMENT DETAILS
Operator:
MyStays Hotel Management Co., Ltd.
Term of Hotel Management Agreement:
Expires on 18 July 2016 (automatically renewed for 3-year term unless notice of
termination given by either party)
