Japan's Mori Trust led JV buys $119 mln Hilton Odawara Resort and Spa

A joint venture between Japanese real estate developer Mori Trust Group and peer Mori Trust Hotel REIT has completed the acquisition of Hilton Odawara Resort and Spa in Japan.

The JV acquired the 163-room hotel complex from U.S. hospitality company Hilton Worldwide Holdings Inc. for $119 million.

Mori Trust and Mori Trust Hotel are paying $730,127 per room for the asset, which occupies a 174,566 square metre site overlooking Sagami Bay some 35 minutes south of Tokyo by bullet train.

More so, the companies have each taken a 50 percent stake in the upscale hot spring resort on the Izu Peninsula, 95 kilometres southwest of the capital, which will further be operated under the Hilton Hotels and Resorts brand.