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Cushman & Wakefield acts as real estate advisor for the newly opened ‘remm plus GINZA’ hotel in Tokyo’s premier Ginza / Shimbashi District

Hiroyoshi Takayama • 26/03/2020

 

  • Cushman & Wakefield provided a wide range of services, from acquisition of the two sites through to completion of construction work.
  • “remm plus GINZA”, the first hotel for new hotel brand “remm”, opened in December 2019.

Cushman & Wakefield, a leading global real estate services firm, acted as real estate advisor to Daito Trust Construction Co., Ltd. on their “remm plus GINZA” hotel project. The new hotel in Tokyo’s premier Ginza/Shimbashi district successfully opened in December 2019 following a comprehensive advisory process that started in December 2018. Cushman & Wakefield’s involvement began with the acquisition of two sites for the hotel development and parking lot and lasted throughout the construction and completion of the project.

Cushman & Wakefield’s Capital Markets Group provided the client with a wide range of services that included brokerage consultancy and support services such as beneficiary interest transactions for the two sites during the hotel and parking lot construction and subsequent trustee change.

During the site pre-acquisition phase of the project, the company also supported the negotiation for favorable contract terms and conditions, change of structure and negotiation of conditions, monitoring of construction work progress; as well as leasing of the parking structure over the one-year period.

To mitigate the completion and tenant risk associated with the uncertainties during the building construction phase, Cushman & Wakefield negotiated favorable terms of sale and provided detailed monitoring of the transaction for the buyer, Daito Trust Construction Co., Ltd. The comprehensive service that the company rendered led to the successful completion of the land transactions in December 2018 and delivery of the new building a year later.

Taro Nishi (Deputy General Manager, New Core Business Headquarters, Daito Trust Construction Co., Ltd.) stated, “This transaction required a degree of ingenuity around the element of risk control, but thanks to Cushman & Wakefield’s representative Mr. Takayama, who facilitated the entire process smoothly with all the relevant parties, we were able to celebrate the successful opening of the hotel and parking lot. We hope that ‘remm plus Ginza’ will become a significant landmark in the area and contribute to the well-being of the community in the long term.”

Hiroyoshi Takayama (Director, Capital Markets, Cushman & Wakefield) stated, “I am very pleased to have been involved in a hotel project in Ginza, one of Japan's premier locations. The success of this project is attributed to all the parties involved in the purchase/sales transaction, and the combined efforts of parties engaged in the construction, engineering report preparation and real estate appraisal. Cushman & Wakefield's deep knowledge of asset management, real estate valuation, and architectural consulting services also contributed to project’s efficient realization. We will continue to provide clients with comprehensive solutions that go beyond the framework of a standard real estate brokerage service.”

Located at Ginza 8-chome, Chuo-ku, Tokyo, the remm plus GINZA is operated by Hankyu Hanshin Hotels. Situated in a premium location – only a 4-minute walk from the JR Shimbashi Station and close to Ginza's bustling main avenue, the hotel has been designed around the concept of “better sleep”, as its name “remm” suggests.

Property Overview (Hotel Building)

  • Property Name: remm plus GINZA
  • Opening: December 24, 2019
  • Location: 8-11-11 Ginza, Chuo-ku, Tokyo
  • Access: 4 minutes from Shimbashi Station; 7 minutes from Ginza Metro Station
  • Land Area: 638.55 sqm
  • Building GFA: 8,400 sqm
  • Completion: December 2019
  • Number of Floors: 16 
  • Number of Rooms: 238

Property Overview (Tower Parking Building)

  • Land Area: 172.08 sqm
  • Parking: 32 spaces

For more information regarding remm plus GINZA, please visit the hotel website.

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