OSAKA, JAPAN-The 122-room Hotel Il Monte in Osaka, Japan has been sold to a real estate private equity fund managed by investment bank Morgan Stanley for an undisclosed sum. Jones Lang LaSalle handled the disposition for GMAC Commercial Holding Asia.

The upscale limited service hotel is located in Osaka’s second largest business center and includes a retail component. It has been operated by Hotel & Associates, an experienced local operator in Japan.

JLL reports that Japan’s hotel investment market has been illiquid for some time and that it has only been recently that arm’s length transactions have taken place. The sale marks the first transaction in Japan for Jones Lang LaSalle Hotels Tokyo based team.

Tomohiko Sawayanagi, JLL’s Tokyo-based executive vice president says that while a prolonged period of economic recession and currency deflation has deterred hotel investors over the past years, investors believe it is now a good time to enter the Japanese hotel market. Indeed, JLL Managing Director Scott Hetherington says the offering attracted seven bids from premium investors and opportunity funds around the globe, and that the deal was brokered in just four months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.