International investment companies have set their sights on new hotel investment plans, after Japan approved its first casino project in Osaka last year.
Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), anticipates substantial growth potential in hotel accommodations. According to reports, Ascott Limited is currently in discussions with potential investors regarding investment plans.
Beh Siew Kim, Chief Financial & Sustainability Officer of CLI, disclosed the information during a media inquiry in Yokohama, Japan, on Thursday.
She stated that “the construction of an integrated resort in Osaka will undoubtedly drive local demand for hotel accommodations, and we will explore the investment opportunities it may bring.”
The Osaka integrated resort (IR) is estimated to cost around $13.5 billion and will be developed jointly by US casino operator MGM Resorts International and local partner Orix Corp.
The casino is scheduled to open its doors in the autumn of 2030.
The Osaka IR plans to include hotels and amenities, such as MGM Osaka, MGM Villas, and the MUSIIB Hotel, with a total of 2,500 guest rooms. It will also feature a variety of dining and food & beverage offerings, retail space, a spa, a fitness center, and banquet halls.
Osaka expects to attract 20 million visitors a year with its first casino, which may help Japan achieve its long-term target of attracting 60 million annual foreign tourists by 2030.
