The upscale limited service hotel is located in Osaka's second largest business center and includes a retail component. It has been operated by Hotel & Associates, an experienced local operator in Japan.

JLL reports that Japan's hotel investment market has been illiquid for some time and that it has only been recently that arm's length transactions have taken place. The sale marks the first transaction in Japan for Jones Lang LaSalle Hotels Tokyo based team.

Tomohiko Sawayanagi, JLL's Tokyo-based executive vice president says that while a prolonged period of economic recession and currency deflation has deterred hotel investors over the past years, investors believe it is now a good time to enter the Japanese hotel market. Indeed, JLL Managing Director Scott Hetherington says the offering attracted seven bids from premium investors and opportunity funds around the globe, and that the deal was brokered in just four months.