Astro Japan Pays $15M For New Hotel In Fukuoka

Law360, New York (March 30, 2017, 4:41 PM EDT) -- Astro Japan Property Group Ltd. on Thursday said it has bought a 117-room newly constructed hotel designed for business travelers in the Japanese prefecture of Fukuoka for 1.6 billion yen ($15 million).

The property group’s acquisition of the limited service Hotel WBF Fukuoka Tenjin Minami, newly completed in 2017, represents a discount of about 3.6 percent on an independent 1.66 billion yen valuation of the new hotel, Astro Japan said.

Eric Lucas, senior adviser to Sydney, Australia-based Astro Japan Property Group, said in a statement that...
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