Blackstone Buys Ritz-Carlton Okinawa as Japan Tourism Booms
- Asset manager is purchasing two hotels in $130 million deal
- Japanese hotels have attracted investors during tourism rush
Okinawa’s subtropical climate and numerous beaches make it a popular vacation destination, both domestically and for travelers across Asia.
Photographer: Carl Court/Getty Images
Blackstone Inc. has bought a Ritz-Carlton resort in Okinawa and is purchasing another hotel on the Japanese island in a deal worth about ¥20 billion ($130 million), according to people with knowledge of the matter.
The US alternative asset manager bought the 97-room Ritz-Carlton, which is located in a country club, from Kanehide Holdings Co., a closely held company involved in a broad range of industries in Japan’s southernmost prefecture. The transaction will include the Kanehide Kise Beach Palace and money to be spent on renovations, the people said, asking not to be identified as the matter is private.