Heeton and KSH buy second Japan hotel in Asakusa

HEETON Holdings Limited and KSH Holdings Limited have jointly acquired the Smile Hotel Asakusa in Tokyo, the consortium said in a Singapore Exchange filing on Wednesday night.

Heeton will have a 70 per cent stake and KSH a 30 per cent stake in the asset, which is the duo's second hotel property in Japan. The acquisition sum was not disclosed.

The 96-bedroom hotel, located close to Asakusa metro station in a district known for numerous Shinto festivals, will continue to operate under the Smile Hotel brand and will be managed by the current hotel operator.

"We are confident of Japan's hospitality assets as an attractive long-term investment," said Heeton's chief executive officer, Eric Teng.

KSH executive chairman and managing director Choo Chee Onn added: "We have great confidence in the country's long-term development and coupled with the excellent location, the hotel is well poised for growth. We will be working closely with Heeton to enhance value from both our existing and future assets."