GIC buys 16 Four Points Flex hotels in Japan from KKR
GIC Private Limited has acquired 16 Four Points Flex by Sheraton hotels across 11 Japanese cities from KKR & Co. Inc. for approximately JPY 200 billion. The HVS Asia Pacific Hospitality Newsletter for the week ending 25 September 2026 reports the transaction.
The newsletter states that the individual assets were not disclosed. It places the portfolio in Greater Tokyo, Osaka, Kyoto and Fukuoka.
HVS also records GIC's earlier Japan purchase: 31 hospitality and leisure assets from Seibu Holdings in 2022 for an estimated JPY 150 billion.
Two published prices for one portfolio
HVS attributes about JPY 200 billion to the transaction. Property news service Mingtiandi reported the same figure from market sources at $1.26 billion.
Bloomberg reported a different price from people familiar with the matter: about JPY 125 billion, or $800 million. The Japan Times carried that figure on 30 September 2026 under a Bloomberg credit line.
KKR's own release of 24 September 2026 names no buyer and no price. It states that funds managed by the firm sold the Four Points Flex by Sheraton portfolio to an unnamed "leading global institutional investor". Spokespeople for GIC and KKR declined to comment, per the Japan Times report.
What KKR assembled from Unizo
KKR acquired the core of the portfolio from Unizo Holdings in 2024 during the company's restructuring. The initial portfolio held 14 hotels with more than 3,600 keys in 10 cities, per the HVS newsletter. KKR then partnered with Marriott International to introduce the Four Points Flex by Sheraton brand and carried out renovations and operational repositioning. The portfolio grew to the 16 assets sold.
KKR keeps the operating platform
The sale leaves KKR's platform in place. KJR Management, the Japanese asset manager KKR acquired in 2022, stays on as asset manager for the portfolio. K+ Hospitality Management continues to operate the hotels.
Pebblestone signs for Hyde Park Myeongdong
The same digest carries a second transaction. Pebblestone Asset Management has signed a memorandum of understanding to acquire Hyde Park Myeongdong in Seoul after its selection as preferred bidder, with an offer of approximately KRW 500 billion.
The property sits at 84 Namdaemun-ro in the Jung District. It holds about 26,700 square metres of gross floor area across 19 storeys above ground and three basement levels. The lower floors carry Apple Myeongdong and retail space. The upper floors hold the 243-key Stanford Hotel Myeongdong, with three food and beverage outlets, a fitness centre, a business centre and a laundrette. The newsletter records dermatology and aesthetic medical clinics among the tenants, serving international visitors.
The complex was completed in 2021, developed by Mastern Investment Management and TPG Angelo Gordon on the former KB Kookmin Bank Myeongdong headquarters site. ChosunBiz reported the MOU and the KRW 500 billion offer on 18 September 2026, and put the closing target inside the year after due diligence, investment review and acquisition financing.
A third trade in the same digest
The newsletter records Shorea Capital's acquisition of The Pemberton, a 24-storey commercial building at 22-26 Bonham Strand in Sheung Wan, Hong Kong. Shorea plans to apply to convert the building to living accommodation, with market sources indicating student housing.
HVS states that the price was not disclosed and that market sources put it at approximately HKD 430-440 million. The building covers about 5,388 square metres of gross floor area on a 355 square metre site under a 999-year leasehold, completed in 1990. It sits about 2 kilometres from the University of Hong Kong and a one-minute walk from Sheung Wan MTR station. Pioneer Global Group sold the building to a company controlled by Octa Capital Partners in 2017 for HKD 1 billion. Receivers later sold it to Shorea Capital through a public tender.
The terms the digest does not carry
None of the three named trades carries a capitalization rate, a per-key price or a financing rate. The Japan sale carries no completion date beyond KKR's own statement. The Seoul agreement is not a binding commitment, and closing depends on due diligence and financing.