Pan-Asia alternative investment company AXE Management Partners has sold a three-hotel portfolio with 518 rooms in central Osaka to Tokyo-listed real estate investment manager Creal for about JPY 21 billion (USD 132.8 million), according to sources familiar with the transaction. The sale price was nearly twice what AXE paid for the portfolio in 2024.
AXE acquired the properties from CapitaLand Ascott Trust for JPY 10.7 billion, or about USD 71 million at the time. Creal completed the purchase on July 31, 2026. The transaction figures were first reported by the publication Mingtiandi. Creal’s filings disclosed neither the seller nor the purchase price. AXE could not be reached for comment before publication.
Completed in 2018, the hotels were originally operated by WBF Hotels & Resorts, which entered court-supervised restructuring in April 2020 amid the pandemic. Two of the properties had been closed since 2020 when AXE took control. AXE partnered with UK-based IHG Hotels & Resorts to introduce its midscale “Garner by IHG” brand to Asia, marking the brand’s first deal outside North America. The properties underwent refurbishment, including redesigned public areas, and reopened in the first half of 2025. The sale closed about a year and a half later.
The AXE sale is among several large Osaka hotel transactions in 2026, including a Nomura-managed fund’s JPY 38.5 billion (USD 243.5 million) purchase of the Centara Grand Hotel Osaka and Japan Hotel REIT’s JPY 14.3 billion (USD 90.5 million) acquisition of Candeo Hotels Osaka Namba. Together, the transactions suggest continued institutional interest in Osaka’s hotel market.
AXE was founded by Gary Kwok, a seasoned investment banker who previously held senior positions at Credit Suisse and Bank of America Merrill Lynch, where he served as head of Asia Pacific hospitality, lodging and gaming real estate. According to AXE, he has led transactions totaling more than USD 50 billion during his career.
AXE is reportedly planning further investments in hospitality and commercial real estate in Japan and other Asian markets.
This article was published in partnership with Newslink.
Note: JPY figures are converted to USD at rates of JPY 158.09 = USD 1 based on estimates as of October 16, 2026, unless otherwise stated. USD conversions are approximate and, where appropriate, rounded for ease of reference. They may not fully match prevailing exchange rates.
