Nomura Real Estate Master Fund to Acquire Akasaka Hotel for JPY 8.7 Billion
Nomura Real Estate Master Fund, Inc. decided on August 18, 2026, to acquire Best Western Hotel Fino Tokyo Akasaka in Akasaka 3-chome, Minato Ward, Tokyo. The scheduled acquisition date is September 1 of the same year, with a planned acquisition price of JPY 8.7 billion. The seller is ICHIKEN Co., Ltd. (see related article: ICHIKEN To Sell Best Western Hotel Fino Tokyo Akasaka).
The hotel is located a three-minute walk from both "Akasaka-mitsuke" Station and "Akasaka" Station on the Tokyo Metro. Completed in March 2020, it has 13 floors above ground and one below, with 87 guest rooms. Double rooms account for approximately 86% of the rooms, and foreign visitors account for 95% of guests. The surrounding area has a concentration of offices and embassies, positioning the property to capture business demand in addition to inbound tourism.
Hotel operations are handled by Polaris Holdings Co., Ltd. The lease is a fully variable rent structure under which rent is calculated by applying a fixed rate to the hotel's gross operating profit (GOP). The appraisal NOI yield against the planned acquisition price is 4.4%.
The total number of overnight guests in Minato Ward in 2024 was 8.08 million, and the ward has set a target of more than 9 million for 2026. The REIT anticipates medium- to long-term earnings growth from expanding lodging demand, driven mainly by inbound tourism, and from the fully variable rent structure. Following this acquisition, the REIT will own nine hotels with a combined acquisition price of approximately JPY 37 billion, representing 3.3% of its portfolio.
Key Facts
- Property Name: Best Western Hotel Fino Tokyo Akasaka
- Buyer: Nomura Real Estate Master Fund, Inc.
- Seller: ICHIKEN Co., Ltd.
- Acquisition Type: Real estate (trust agreement to be terminated on the scheduled acquisition date)
- Scheduled Contract Date: August 20, 2026
- Scheduled Acquisition Date: September 1, 2026
- Planned Acquisition Price: JPY 8.7 billion
- Appraisal Value: JPY 10.93 billion (as of July 1, 2026, Japan Valuers Co., Ltd.)
- Appraisal NOI: JPY 385 million
- Appraisal NOI Yield: approximately 4.4%
- Location: 3-7-12 Akasaka, Minato-ku, Tokyo
- Nearest Station(s): Tokyo Metro Ginza Line, Marunouchi Line “Akasaka-mitsuke” Station (3 min walk) / Chiyoda Line “Akasaka” Station (3 min walk)
- Completion: March 2020
- Number of Floors: 13F / B1 (steel-frame and reinforced concrete construction)
- Use: Hotel and retail
- Site Area: approximately 134 tsubo (approx. 4,800 sq. ft.) / Gross Floor Area: approximately 721 tsubo (approx. 25,700 sq. ft.) / Leasable Area: approximately 660 tsubo (approx. 23,500 sq. ft.)
- Number of Guest Rooms: 87
- Number of Tenants: 2
- Tenants: Polaris Holdings Co., Ltd. and one other company
- Hotel Operator: Polaris Holdings Co., Ltd.
- Rent Structure: Fully variable rent (linked to hotel GOP)
- Occupancy: 100.0% (scheduled as of September 1, 2026)
- Property Manager: Sun Frontier Fudousan Co., Ltd.
