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Coast Hotel Chain Sold to Japanese Hospitality Firm for $210 Million
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(Posted on Aug 12, 2016 at 01:00PM by Michelle Bogle)
APA Group, Japan’s largest hospitality firm, has announced that it will buy Vancouver-headquartered Coast Hotels for $210 million from Okabe Co. Ltd., another Tokyo-based corporation.
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The sale is being made by way of a share transfer agreement, which was completed at the end of July and is expected to close in early September.Â
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In total, Coast Hotels has 36 properties under its banner in North America, including landmark properties, such as Vancouver’s Coast Coal Harbour Hotel, the Benson Hotel in Portland and Waimea Plantation Cottages in Hawaii.Â
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The purchase of Coast represents a bigger foray into the North American market for APA Group. They emerged into the U.S. just nine months ago by striking a partnership with New Jersey-based Friendwell Group of Companies. Its first hotel under that partnership is the 200-room APA Hotel Woodbridge in Metropark, N.J., which reopened in June following major renovations.
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For Vancouver, the outlook for our hospitality market continues to stay positive. Overall, hotels are expected to remain a thriving asset class for the rest of 2016, thanks to our awareness on the global scene for attracting travelers (individual, business and group) and cross-border investors.
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For more information regarding hospitality asset opportunities within Metro Vancouver, please contact our office to speak to our skilled team of advisors. You can also view our list of featured properties by clicking here.
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