United Urban Investment to Invest in Hotel Development in Hakone Gora

United Urban Investment Corporation announced on September 4, 2026, that it will invest in a hotel development in Hakone. The project it will participate in is (Tentative) Noir by RIHGA Hakone Gora, a hotel being developed in Gora, Hakone Town. The investment amount totals JPY 243.8 million and is expected to be equivalent to approximately 14.3% of the total preferred equity interests.

The property is located a one-minute walk from "Kami-Gora" Station on the Hakone Tozan Cable Car. It will have 90 guest rooms in total, all measuring 53 square meters, and every room will feature an open-air bath and a terrace. Operations will be handled by The Royal Hotel, Limited, and the property will be the second under "Noir by RIHGA," the company's new hot spring resort brand. The hotel is scheduled to open around the end of December 2028.

Through this investment, the REIT will obtain a priority negotiation right to enter into a sale and purchase agreement for the hotel during the period from around September 2028, when the special purpose company takes delivery of the building, through the end of September 2031. In March 2026, the REIT also acquired JPY 1.225 billion in anonymous partnership equity interests backed by seven rental residential buildings in Tokyo, in each case combining an equity investment with a priority negotiation right to secure future acquisition candidates.

On a planned basis as of May 2029, the REIT's portfolio will comprise 146 properties with an acquisition price of approximately JPY 715.8 billion. Of that, hotels account for 26 properties and approximately JPY 168.2 billion, or 23.5%.

Key Facts

• Acquisition Overview
• • Acquirer: United Urban Investment Corporation
  • Asset Acquired: Preferred equity interests in Hakone Kami-Gora Project Tokutei Mokuteki Kaisha
  • Asset Management Company: Marubeni REIT Advisors Co., Ltd.
  • Rights to Be Acquired: Preferred equity interests (equivalent to approximately 14.3% of all preferred equity interests to be issued)
  • Acquisition Price (Investment Amount): First tranche JPY 166,500,000 / Second tranche JPY 77,300,000
  • Acquisition Decision Date: September 4, 2026
  • Scheduled Contract Dates: First tranche September 7, 2026 / Second tranche October 19, 2026
  • Scheduled Acquisition Dates: First tranche September 30, 2026 / Second tranche October 30, 2026
  • Seller: Hakone Kami-Gora Project Tokutei Mokuteki Kaisha
  • Source of Funds: Own funds (planned)
  • Priority Negotiation Right: From the building delivery date (scheduled for around September 2028) through the end of September 2031

Property Overview (Underlying Real Estate)

• Property Name: (Tentative) Noir by RIHGA Hakone Gora
• • Location: 1300-129, -150, -151, -237, -490, -546 and -777 Gora, Hakone-machi, Ashigarashimo-gun, Kanagawa
  • Nearest Station: Hakone Tozan Cable Car “Kami-Gora” Station (1 min walk)
  • Number of Floors: 4F / B1 (reinforced concrete construction) and others
  • Area: Land approximately 2,831 tsubo (approx. 100,700 sq. ft.) / Building approximately 3,057 tsubo (approx. 108,800 sq. ft.)
  • Number of Guest Rooms: 90 (planned)
  • Completion: September 2028 (scheduled)
  • Opening: Around the end of December 2028 (scheduled)
  • Operator: The Royal Hotel, Limited