One REIT to Acquire Six Properties Including Five Hotels for Approximately JPY 29.9 Billion, Diversifying Portfolio

One REIT Inc. plans to acquire a total of six properties — one office asset and five hotels — for approximately JPY 29.9 billion on March 19, 2026. The acquisition, tied to the REIT’s fourth public equity offering since listing, will mark its first hotel acquisitions.

The office asset is Kagurazaka Plaza Building in Shinjuku Ward, Tokyo, which will be acquired for JPY 4.75 billion. Located a four-minute walk from Iidabashi Station, the property offers strong transit access. Among the hotel assets, DoubleTree by Hilton Naha Shuri Castle is the largest at JPY 10.46 billion, drawing attention as reconstruction of Shuri Castle moves forward. The Hedistar Hotel Narita, priced at JPY 4.77 billion, benefits from access to Narita Airport. With a new runway scheduled to begin service in 2029, annual aircraft movements at the airport are expected to increase from the current 340,000 to 500,000, supporting anticipated medium- to long-term demand growth. In addition, the REIT will acquire three Quintessa Hotel properties in Sapporo, Fukuoka and Kagoshima.

The five hotels use lease agreements that include variable rent linked to GOP, or gross operating profit. Variable-rent structures have been gaining traction among hotel-focused REITs in Japan, including Japan Hotel REIT Investment Corporation, the country’s largest hotel-focused J-REIT, where variable rent accounts for more than 51% of rental revenue. The structure allows the REIT to capture the recovery in inbound tourism demand more directly in earnings. Following the acquisition, the portfolio will expand to 34 properties with a total value of JPY 152.1 billion, shifting from an office-heavy portfolio to a diversified mix that includes hotels.

Key Facts

• Buyer: One REIT Inc.

• Purchase and Sale Agreement Date: March 5, 2026

• Scheduled Acquisition Date: March 19, 2026

• Acquisition Funding: Proceeds from public equity offering, borrowings and cash on hand

• Property Name: Kagurazaka Plaza Building

  • Acquisition Price: JPY 4,750 million

  • Appraised Value: JPY 5,010 million

  • Location: 4-8 Kagurazaka, Shinjuku Ward, Tokyo

  • Nearest Station: Iidabashi Station on the Tokyo Metro Yurakucho Line and Namboku Line, 4-minute walk

  • Completion: December 1992

  • Number of Floors: 4F / B1

  • Gross Floor Area: Approx. 1,256 tsubo (approx. 44,662 sq. ft.)

  • Occupancy Rate: 100.0%

• Property Name: DoubleTree by Hilton Naha Shuri Castle

  • Acquisition Price: JPY 10,460 million

  • Appraised Value: JPY 11,500 million

  • Location: 1-132-1 Shuriyamagawa-cho, Naha, Okinawa Prefecture

  • Nearest Station: Shuri Station on the Yui Rail, within walking distance

  • Completion: August 1973 (expanded in October 1990)

  • Number of Floors: 22F / B1

  • Gross Floor Area: Approx. 8,452 tsubo (approx. 300,515 sq. ft.)

  • Occupancy Rate: 100.0%

• Property Name: The Hedistar Hotel Narita

  • Acquisition Price: JPY 4,770 million

  • Appraised Value: JPY 5,190 million

  • Location: 168-1 Higashicho, Narita, Chiba Prefecture

  • Nearest Station: JR Narita Station, within walking distance

  • Completion: February 1992

  • Number of Floors: 7F / B1

  • Gross Floor Area: Approx. 2,358 tsubo (approx. 83,806 sq. ft.)

  • Total Guest Rooms: 261

  • Occupancy Rate: 100.0%

• Property Name: Quintessa Hotel Sapporo Susukino 63 Relax&Spa

  • Acquisition Price: JPY 4,020 million

  • Appraised Value: JPY 4,150 million

  • Location: 1-11 Minami 6-jo Nishi 3-chome, Chuo Ward, Sapporo, Hokkaido

  • Nearest Station: Susukino Station on the Sapporo Municipal Subway Namboku Line, 4-minute walk

  • Completion: September 1991

  • Number of Floors: 11F / B1

  • Gross Floor Area: Approx. 1,084 tsubo (approx. 38,477 sq. ft.)

  • Occupancy Rate: 100.0%

• Property Name: Quintessa Hotel Fukuoka Hakata Relax&Sleep

  • Acquisition Price: JPY 4,184 million

  • Appraised Value: JPY 4,300 million

  • Location: 2-9-29 Hakataekihigashi, Hakata Ward, Fukuoka

  • Nearest Station: Hakata Station on the JR Kagoshima Main Line, 7-minute walk

  • Completion: August 2019

  • Number of Floors: 9F

  • Gross Floor Area: Approx. 517 tsubo (approx. 18,347 sq. ft.)

  • Total Guest Rooms: 80

  • Occupancy Rate: 100.0%

• Property Name: Quintessa Hotel Kagoshima Tenmonkan Relax&Sleep

  • Acquisition Price: JPY 1,762 million

  • Appraised Value: JPY 1,990 million

  • Location: 1-3 Gofukumachi, Kagoshima, Kagoshima Prefecture

  • Nearest Station: Tenmonkandori Station on the Kagoshima City Tram, 1-minute walk

  • Completion: February 2008

  • Number of Floors: 14F / B1

  • Gross Floor Area: Approx. 805 tsubo (approx. 28,609 sq. ft.)

  • Occupancy Rate: 100.0%