Polaris Holdings (formerly Kachikaihatsu) will acquire Fino Hotel Sapporo Odori in Chuo-ku, Sapporo City, on December 28 through its Minato-ku-based subsidiary Tenjin Hotel Management. The acquisition price has not been disclosed but the seller is Sapporo City-based Alphacourt.
Fino Hotel Sapporo Odori is a four-minute walk from Odori subway station. Completed and opened in 2020, it has 10 floors above ground, a gross floor area of 3,854 m2 and 145 guest rooms. Chiyoda-ku-based Fino Hotels, a subsidiary of Polaris Holdings, currently leases and operates the hotel, but its long-term fixed-rent lease agreement will be terminated at the time of the handover.
Polaris Holdings is transitioning to an owner-operator model, in which it will be both the hotel owner and the hotel operator, as it believes that the stagnant hotel transaction prices due to the prolonged Covid-19 pandemic are increasing the number of opportunities to purchase highly competitive hotels at a bargain price.
This is its third acquisition under that strategy after Best Western Plus Fukuoka Tenjin-Minami in Fukuoka City and Koko Hotel Tsukiji Ginza in Chuo-ku, Tokyo, which were both acquired in April 2021.