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(1) The Japan Hotels were valued by International Appraisals Incorporated using a combination of the Capitalisation, Discounted Cash Flow and Sales
Comparison approaches.
(2) Based on the average exchange rate of S$1.00 = ¥78.74.
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 – 2016)
PROPERTY DETAILS
Hotel:
Hotel MyStays Asakusabashi
Hotel MyStays Kamata
Number of guest rooms:
139
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 2016
:
¥3.80 billion
¥2.74 billion
HOTEL MANAGEMENT AGREEMENT DETAILS
Operator:
MyStays Hotel Management Co., Ltd.
Term of hotel management agreement
Expires on 18 July 2019 (automatically renewed for 3-year term
unless notice of termination given by either party)
FY 2016 KEY FINANCIALS
Gross hotel revenue:
S$6.0 million
(2)
(¥472.0 million)
S$4.6 million
(2)
(¥360.4 million)
Net property income:
S$3.1 million
(2)
(¥245.2 million)
S$2.3 million
(2)
(¥182.0 million)
Average occupancy rate
:
92.8%
91.6
%
69
Annual Report 2016
PROPERTY PORTFOLIO