CBRE (Japan headquarters: Marunouchi, Chiyoda-ku, Tokyo) announced that it has supported the sale of HOTEL MAGNET by SUGGEST CO., LTD. (hereafter referred to as SUGGEST).

In May 2022, SUGGEST appointed CBRE to broker the sale contract of HOTEL MAGNET, a new landmark hotel in Atami. The deal was led by the CBRE Hotels and Investment Properties team, who have expertise in hotel investment and advisory services. To maximize the value of the client’s asset throughout the sale process, CBRE Hotels conducted marketingactivities with a wide range of parties, including owners and hotel operators, investors, developers, and financial institutions. As a result of these efforts, the transaction was successfully completed in December 2022.

HOTEL MAGNET, which was completed in August 2022, was developed by SUGGEST, a company known for their stylish condominiums, and its interior designed by Jamo associates, whose portfolio boasts Shibuya’s TRUNK HOTEL. The hotel is ideal for both business and leisure use, and is in an area easily accessible from Greater Tokyo, making it attractive to both domestic and foreign clientele. The hotel was designed as a reimagined roadside hotel, and has 33 luxurious guest rooms with ocean views, and a hot spring bath on the basement floor.

Tomotsugu Ichikawa, Senior Director, CBRE Hotels, commented, “Since last year, both domestic and foreign-based investors have shown significant interest in the hotel sector, which is gradually on its road to recovery. While the pandemic caused uncertainty in the hotel investment market, leisure demand recovered more quickly than business demand. In particular, demand for up-scale accommodations in suburbs of major cities has been strong. Atami, with its excellent accessibility from Tokyo, has been popular among a younger demographic, and resorts in this area were able to maintain stable occupancy rates even during the pandemic. Despite its position as a new property, investor demand for HOTEL MAGNET was strong, leading to the completion of the sale. CBRE believes this transaction signifies the potential of upscale accommodation facilities. It has been a great pleasure to provide support for this transaction and to assist in the expansion of the sector as a whole.”