JLL Helps Swing Another Tokyo Hotel Lease Deal

CHICAGO-Jones Lang LaSalle Hotels has advised Kajima Shiodome Kaihatsu, developers of the mixed-use Kajima building in Tokyo’s Shiodome Business District, in a lease agreement with Royal Park Hotels and Resorts for the 495-room business hotel on the top 15 floors of the 38-story structure. Earlier this year, Jones Lang LaSalle Hotels advised Mitsui Fudosan, developers of the luxury Mandarin Oriental.

Jones Lang LaSalle Hotels Senior Vice President Tomohiko Sawayanagi says the latest lease agreement gives Shiodome three major hotel brands. Royal Park’s property, scheduled for completion in July 2003, has yet to be named. The other two are the St Regis and the Shiba Park. “Under the Royal Park Hotels and Resorts brand, the property is well placed to capitalize on room demand derived from this area and the adjoining Ginza district,” Sawayanagi adds.

International luxury hotels and limited-service, but neat, hotel products, are currently in favor among investors in Tokyo, Sawayanagi says. “The proposed hotel belongs to the latter group and will thus be differentiated from its neighbor St Regis,” he explains.