Major Kyoto hotel acquired by Mori Trust
Mori Trust continues to be acquisitive in the hospitality sector in Japan. The group has announced the purchase of one of Kyoto's largest hotels, the Rihga Royal Hotel. The 489-key property was completed in 1969, fully renovated in 2016, and is located just a few minutes’ walk from Kyoto Station. The seller is SoftBank-backed global real estate investment firm, Fortress Investment Group, which acquired the property in 2015. The purchase price is rumoured to be circa JPY33bn or USD235m.