Marriott International and KKR have announced the launch of each firm’s foray into the midscale hospitality space in Japan, which follows KKR’s completion of the acquisition of Unizo Hotel Company and a portfolio of 14 hotels in Japan from Unizo.
The 14 hotels will be converted to Four Points Express by Sheraton.
This marks Marriott’s entry into the affordable midscale segment in Japan and the brand’s debut in the Asia-Pacific region following its global launch in 2023.
The portfolio of 14 hotels is located in major tourist destinations in 10 cities across Japan, including Hakodate, Morioka, Utsunomiya, Yokohama, Kanazawa, Nagoya, Osaka, Kyoto, Kobe, and Hakata.
The properties are expected to open in the second half of 2024, adding more than 3,600 new rooms to KKR’s and Marriott’s respective hotel portfolios in Japan.
Four Points Express by Sheraton hopes to offer value-conscious consumers an affordable and reliable hotel experience in convenient locations throughout Japan.
“There’s a growing consumer demand for reliable-yet-affordable accommodation in the region,” said Rajeev Menon, president for Marriott International, Asia Pacific excluding China.
“Our new midscale brand will offer hotel owners an affordable conversion opportunity with an efficient operational design, access to Marriott International’s expansive distribution systems and the backing of our powerful award-winning Marriott Bonvoy travel program,” The Marriott executive added.
“International and domestic tourism in Japan has rebounded strongly since the pandemic and continues to pick up pace. As demand for midscale hotels grows rapidly, we see a tremendous opportunity to offer high-quality and comfortable accommodation at great value,” said Kensuke Kudo, managing director real estate at KKR.