Singapore’s sovereign wealth fund GIC is exploring the sale of Hilton Fukuoka Sea Hawk hotel, a significant property with more than one thousand rooms, situated in the coastal city of Fukuoka, Japan.
The fund has been presenting the hotel to potential buyers since the later part of 2023.
GIC is looking to raise between Y85bn and Y90bn ($583m to $617m) through the sale of Hilton Fukuoka Sea Hawk.
Jones Lang LaSalle is providing advisory services for the potential transaction.
The hotel’s management agreement with Hilton is nearing its end, presenting an opportunity for the new owner to appoint a different operator.
The sale is in its preliminary stages, and there is no certainty that GIC will finalise the transaction or that the property will sell at the listed price.
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This hotel forms part of a larger complex purchased by GIC in 2007. The complex included a baseball stadium and a shopping mall.
The wealth fund sold the stadium, which is the home ground for the Fukuoka SoftBank Hawks, to Japanese investment holding company Softbank in 2012.
In 2023, Hotel Investment Partners (HIP) declared the incorporation of GIC as a new financial partner in the firm.
HIP came under the ownership of funds overseen by Blackstone in 2017. GIC owns a stake of around 35% in HIP, while Blackstone-managed funds will retain approximately 65% of the company’s equity.
HIP founder and CEO Alejandro Hernández-Puértolas said: “This partnership with GIC, alongside the controlling interest from Blackstone, is a further vote of confidence in the HIP business and the resort hospitality sector in Europe.”