Fino Hotel Sapporo Odori (Photo: Polaris Holdings)

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.

[Outline of the deal]
Name: Fino Hotel Sapporo Odori
Buyer: Tenjin Hotel Kanri (subsidiary of Polaris Holdings)
Seller: Alphacourt
Location: 6-8-1 Minami-1jo-Nishi, Chuo-ku, Sapporo City, Hokkaido (building address) / 6-8-1, etc. (lot address)
Access: 4-minute walk from Odori subway station
Land area: 626.35 m2
GFA: 3,854.01 m2
Structure: RC
Stories (above/underground): 10/0
Usage: Hotel
Rooms: 145
Zoning: Commercial District
Base FAR: 600%
Completion: 2002
Dealing period: December 2021 (contract, handover)
Ownership: Trust beneficiary interests

Fino Hotel Sapporo Odori