Ascendas Hospitality Trust buys hotel in Osaka for 8.9b yen

ASCENDAS Hospitality Trust (A-HTrust) - a stapled group comprising Ascendas Hospitality Real Estate Investment Trust (A-HReit) and Ascendas Hospitality Business Trust (A-HBT) - has added a second Japanese asset into its portfolio.

Yesterday, A-HTrust's managers - Ascendas Hospitality Fund Management and Ascendas Hospitality Trust Management - said that A-HBT had agreed to buy Osaka Namba Washington Hotel Plaza in Japan's Osaka city for 8.9 billion yen (S$110.8 million).

The purchase price, which will be paid to Ainodake Godo Kaisha, is 3.3 per cent below the independent property valuation of 9.2 billion yen by Savills Japan.