PROPERTY PORTFOLIO
PROPERTY PORTFOLIO
(1)
The Japan Hotels were valued by Cushman & Wakefield K.K. using a combination of the Capitalisation and Discounted Cash Flow approaches.
(2)
As the Japan Hotels were acquired on 19 December 2014, contribution from the hotels for FY 2015 includes the last 13 days of 2014.
(3)
Based on the average exchange rate of S$1.00 = ¥88.50.
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-minute
train ride from Haneda Airport. It is within 4 minutes to JR Kamata Station and Tokyu Kamata Station where there are
convenient access to major core cities such as Shinagawa, Kawasaki, Yokohama and Shibuya. 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.
Notable accolades received by both properties include:
• TripAdvisor Certificate of Excellence (2014 - 2015)
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:
564 sq m
497 sq m
Title:
Freehold
Freehold
Vendor:
AKH GK, an 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 31 December 2015
:
¥3.72 billion
¥3.07 billion
HOTEL MANAGEMENT AGREEMENT DETAILS
Operator:
MyStays Hotel Management Co., Ltd.
Term of hotel management
Expires on 18 July 2016 (automatically renewed for 3-year term unless
agreement:
notice of termination given by either party)
FY 2015 KEY FINANCIALS
Gross hotel revenue
(2)
:
S$5.3 million
(3)
(¥470.1 million)
S$4.4 million
(3)
(¥390.6 million)
Net property income
(2)
:
S$2.9 million
(3)
(¥253.2 million)
S$2.4 million
(3)
(¥210.5 million)
Average occupancy rate
:
92.6%
90.5%
69
Annual Report 2015
