Blackstone is acquiring two hotels on Japan's island of Okinawa.
The Japan Times reports the New York-based private equity firm has bought the 97-room Ritz-Carlton, Okinawa and the 169-room Kanehide Kise Beach Palace from Okinawa-based owner Kanehide Holdings Company for approximately 20 billion Japanese yen ($130 million).
The Kanehide Kise Beach Palace is located within the Kise Country Club and occupies a beachside spot across the Maja River from the Kise estate.
Blackstone declined to comment on the deal when reached via email by Hotel News Now.
In 2011, Kanehide Holdings Company signed an agreement to renovate and convert the Kise Bettei Hotel & Spa into The Ritz-Carlton, Okinawa, and it opened in 2012.
Also in 2011, Kanehide and Japanese developer Sekisui House announced the development of the 134-room Ritz-Carlton Kyoto, which opened in 2014. Today, The Ritz-Carlton Kyoto is solely owned by Sekisui House.
Hotel investment throughout Japan has increased in recent months.
In November, HNN reported on increased investor interest in Japan due to strong tourism demand and weaker currency values. Japan did not raise interest rates in the years after the COVID-19 pandemic as most other developed nations did, which economists said caused its currency to fall to its lowest level since 1990.
In October, a joint venture comprising New York City-based investment firm TPG Angelo Gordon and Tokyo-based investment firm Kenedix acquired the 882-room Grand Nikko Tokyo Daiba for 106 billion Japanese yen.