Ichigo Hotel REIT To Sell Hotel in Tokyo’s Nihonbashi Hakozaki
Ichigo Hotel REIT Investment Corp. announced on May 15, 2026, that it will sell HOTEL LiVEMAX Nihonbashi Hakozaki, an accommodation-focused limited-service hotel in Nihonbashi, Chuo Ward, Tokyo. The scheduled sale price is JPY 1.58 billion, and the buyer was not disclosed. The contract was signed the same day, with delivery and settlement scheduled for July 30, 2026.
The property is located about a two-minute walk from Suitengumae Station on the Tokyo Metro Hanzomon Line. It is an 11-story hotel completed in February 2015, with a Gross Floor Area of approximately 258 tsubo (approx. 9,180 sq. ft.). Occupancy was 100.0% as of the end of March 2026. The investment corporation acquired the property in August 2016 for JPY 1.36 billion. The appraised value was JPY 1.44 billion as of Jan. 31, 2026, and the estimated book value was JPY 1.205 billion, meaning the scheduled sale price exceeds both the appraised value and book value.
As for the reason for the sale, the investment corporation said the property contributes to income stability as a hotel with a fully fixed-rent structure, but determined that its contribution to growth potential is limited, given its rent structure and scale. The sale is expected to generate a gain of JPY 273 million, all of which is planned to be returned to unitholders as distributions for the fiscal period ending July 2026. The remaining proceeds will be retained as cash on hand and used for new hotel acquisitions and value-enhancement investments in existing hotels.
After the sale, the portfolio will comprise 29 hotels, with total acquisition price of JPY 71.743 billion. By rent structure, 24 hotels that include variable rent will account for a combined investment ratio of 90.3%, while hotels with only fixed rent will account for five properties and 9.7%. The investment corporation is pursuing portfolio construction that emphasizes growth potential while maintaining a certain level of stability.
Key Facts
- Property Name: HOTEL LiVEMAX Nihonbashi Hakozaki
- Seller: Ichigo Hotel REIT Investment Corp.
- Buyer: Undisclosed name (domestic general business corporation)
- Scheduled Sale Price: JPY 1.58 billion
- Estimated Book Value: JPY 1.205 billion
- Gain on Sale: JPY 273 million
- Appraised Value: JPY 1.44 billion (as of Jan. 31, 2026)
- Location: 29-5 Nihonbashi Hakozaki-cho, Chuo Ward, Tokyo
- Nearest Station: About a two-minute walk from Suitengumae Station on the Tokyo Metro Hanzomon Line
- Completion: February 2015
- Number of Floors: 11F (steel-frame construction)
- Site Area: Approximately 37 tsubo (approx. 1,320 sq. ft.)
- Gross Floor Area: Approximately 258 tsubo (approx. 9,180 sq. ft.)
- Occupancy: 100.0% (as of the end of March 2026)
- Acquisition Price: JPY 1.36 billion
- Contract Date: May 15, 2026
- Scheduled Delivery Date: July 30, 2026