(Source: Marriott International)
KKR, one of the world’s leading investment firms, has announced the completion of its acquisition of 14 hotels in Japan affiliated with Unizo Holdings. In collaboration with Marriott International, these properties will undergo rebranding and renovation, to be reopened under the Four Points Express by Sheraton brand. This initiative symbolizes Marriott’s entry into the affordable mid-scale hotel market, marking the first deployment of this brand in the Asia-Pacific region, as announced in 2023.
The 14 hotels slated for renovation are spread across 10 cities in Japan, including tourist destinations such as Hakodate, Morioka, Utsunomiya, Yokohama, Nagoya, Kanazawa, Kyoto, Osaka, Kobe, and Fukuoka. Renovations are scheduled to be completed in the latter half of 2024, adding over 3,600 rooms to Marriott and KKR’s hotel portfolio in Japan.
Rajeev Menon, President of Marriott International Asia Pacific, noted the increasing demand for trusted, affordable accommodation options in the region and expressed confidence in meeting this need through collaboration with KKR.
Furthermore, Kenryo Kudo, Managing Director of Real Estate at KKR, expressed optimism about expanding the Four Points Express by Sheraton brand in Japan, leveraging Marriott’s strategic partnership, especially considering the current recovery of international and domestic tourism from the impact of the COVID-19 pandemic.
Additionally, this brand will become part of Marriott’s award-winning loyalty program, Marriott Bonvoy, offering significant benefits to users by enabling direct hotel reservations.
This transaction is part of KKR’s real estate strategy in the Asia-Pacific region, further enhancing its impact on the Japanese real estate market.
KKR is a global investment management firm offering alternative asset management, capital markets, and insurance solutions. Marriott International, headquartered in Maryland, USA, operates approximately 8,900 properties in over 141 countries and provides travel programs such as Marriott Bonvoy.