The trust beneficiary interest in Garner Hotel Osaka Honmachi Midosuji in Chuo-ku, Osaka City, will be sold to a limited liability company operating a special business under the Act on Specified Joint Real Estate Ventures. The minimum sale price is stated as at least 10% of consolidated net sales, putting the floor for the 3,013.50 sqm hotel transaction above ¥3.78 billion, or more than ¥1.25 million per sqm. The sale agreement is scheduled to be signed on 8 October 2026, with delivery scheduled for 15 December 2026.
CREAL Inc. disclosed that it will sell the trust beneficiary interest in Garner Hotel Osaka Honmachi Midosuji in Chuo-ku, Osaka City. The hotel was completed in March 2018, is a 13-story steel-frame building and has total floor area of 3,013.50 sqm. The buyer is ケンタウルス合同会社. The sale price will not be disclosed due to confidentiality obligations, but is set at an amount equivalent to at least 10% of the company's consolidated net sales for the fiscal year ending March 2026. The minimum price is therefore ¥3.78 billion, equating to more than ¥1.254 million per sqm. The agreement is scheduled to be signed on 8 October 2026, with delivery scheduled for 15 December 2026.
Compared with the Kitasembaba Fund, the sale of the Honmachi Midosuji property involves an SPC operating a special business under the Act on Specified Joint Real Estate Ventures as the buyer, confirming the broader use of this type of financing vehicle. The Kitasembaba Fund acquired 168 rooms with equity contributions of ¥3.423 billion as part of a structure totaling approximately ¥7.21 billion. The present transaction uses a similar structure, but the buyer appears as an SPC, indicating greater diversity in exit strategies.
In terms of market indicators, estimated achieved ADR in the Honmachi area is expected to be in the upper ¥10,000s in September 2026, after the Expo, while estimated RevPAR in Chuo-ku is approximately ¥8,800, outlining a path to demand recovery after the Expo. Compared with public data, the benchmark replacement cost is estimated at approximately ¥1.19 million per sqm of total floor area, leaving the minimum price within a range that suggests it is reasonable relative to current market levels.