Singapore-listed Ascendas Hospitality Trust announced on 30 March that it will reopen Hotel Sunroute Osaka Namba on 1 April following a JPY1.1 billion (SGD 13.6 million) asset enhancement initiative (AEI).
The 14-storey hotel with 698 guest rooms was previously known as Osaka Namba Washington Hotel Plaza and is one of two properties owned by Ascendas Hospitality Trust in Japan.
The property, which is under a new fixed-term building lease agreement with Sunroute Co. Limited from 1 January 2016, underwent a three-month AEI that included major renovation to the guest rooms, façade, lobby and restaurant.
“With the timely completion of the refurbishment, Hotel Sunroute Osaka Namba is well-positioned to benefit from the buoyant hospitality market in Osaka, which is a key commercial and leisure destination in Japan”, said Tan Juay Hiang, CEO of the trust’s managers.
“Further, with the new rent structure in place, Hotel Sunroute Osaka Namba will contribute positively to Ascendas Hospitality Trust”, he added, while highlighting that valuation of the property has increased from JPY9.3 billion as at 31 March 2015 to JPY16.8 billion as at 31 December 2015.
Units of Ascendas Hospitality Trust finished flat from the previous trading day on the Singapore Exchange to end at SGD0.75.