Hoshino Resorts REIT to Sell Urban Tourism Hotel in Naha’s Matsuyama District
Hoshino Resorts REIT announced on April 16, 2026, that it has decided to sell Sol Vita Hotel Naha, an urban tourism hotel asset it owns in Matsuyama, Naha, Okinawa Prefecture. The planned transfer price is JPY 46.5 million, and the sale and purchase agreement was executed on the same day. Closing is scheduled for November 4, 2026.
The subject property is an urban tourism hotel with 200 guestrooms and eight above-ground floors, located in the Matsuyama area, which is known as a prime entertainment district in Naha. It opened in December 2007 and is approximately a five-minute walk from Miebashi Station on the Okinawa Urban Monorail (Yui Rail). Its appraised value was JPY 3.56 billion as of October 31, 2025, and the appraisal cap rate was 4.4%.
Hotel demand in the Naha market has been recovering, and room rates at the hotel have also been rising. However, with a view to easing potential downward pressure on distributions caused by increased competition during the accommodation off-season from April 2027 onward (November 2026 to April 2027), the REIT decided to proceed with the disposition. The REIT had acquired the asset in June 2025 for JPY 2.7 billion and had also been advancing acquisitions in the Yufuin area, including Hoshino Resorts KAI Yufuin. This disposition appears intended to further shift the REIT’s portfolio toward resort-focused assets.
Key Facts
Property Name:
Sol Vita Hotel Naha
Seller:
Hoshino Resorts REIT, Inc.
Buyer:
Samty Co., Ltd.
Transaction Price:
JPY 46.5 million
Location:
2-17-17 Matsuyama, Naha, Okinawa Prefecture
Nearest Station:
Approximately 5 minutes on foot from Miebashi Station on the Okinawa Urban Monorail (Yui Rail)
Completion:
December 2007 (opened)
Number of Floors:
8F
Total Guestrooms:
200
Appraised Value:
JPY 3.56 billion (as of October 31, 2025)
Appraisal Cap Rate:
4.4%
Sale and Purchase Agreement Date:
April 16, 2026
Scheduled Transfer Date:
November 4, 2026