Brookfield Asset Management is acquiring a 146-key luxury hotel in Brisbane, Australia, while CapitaLand’s Extra Space is partnering with self-storage manager Ambitious to further expand in Japan.
Brookfield acquiring Brisbane’s Hotel X
New York-listed Brookfield Asset Management announced that it is acquiring Brisbane’s Hotel X, a 146-key luxury hotel in Fortitude Valley, for an undisclosed amount. The transaction was made via an off-market process and underscored Brookfield’s conviction in Brisbane, which has a thriving hospitality market, per the announcement. The transaction is expected to close by end-2024.
The hotel was completed in 2021 and features a ground-floor restaurant, rooftop bar and pool, 1,438 square meters of leased office space, a fitness centre, and a conferencing space.
Hotel X Brisbane, Vignette Collection is IHG Hotels & Resorts’ first collection brand and represents a curation of distinct hotels.
Brookfield is one of the largest owners and operators of hospitality assets with a portfolio of approximately $20 billion assets under management, representing over 40,900 keys across North America, Europe, and Asia.
CapitaLand’s Extra Space Asia partners with Ambitious in Japan
Extra Space Asia (ESA), the self-storage platform of Singapore’s CapitaLand Investment Limited (CLI) is expanding in Japan through a strategic alliance with Ambitious Co Told, the country’s largest self-storage manager.
The partnership includes the acquisition of four self-storage properties in Osaka, with two more properties to be added in Tokyo, per the announcement.
ESA aims to triple its self-storage portfolio in Japan to over 12 billion yen in the near term through the partnership. ESA’s existing partner in Japan, Keiyo Logistics, operates under the “private box by Extra Space” brand.
This partnership includes acquiring four Osaka properties and plans to add two more in Tokyo, aiming to triple its portfolio to over 12 billion yen. This move, supported by dual partnerships, positions Extra Space Asia to meet the rising demand for self-storage solutions driven by urbanisation and e-commerce growth.
“ESA’s strategic partnerships with Ambitious and Keiyo Logistics will enable us to capitalise on the increasing demand for self-storage space,” said Patricia Goh, CEO, Southeast Asia Investment at CLI and Storage Ventures Asia.
