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Wing Tai acquires Tokyo hotel for $53.6 mil

Samantha Chiew
Updated

SINGAPORE (June 20): Wing Tai Holdings is acquiring the Red Planet Hotel Asakusa Tokyo from GK Rio Grande for a consideration of 4.25 billion yen ($53.6 million).

The hotel has 134 rooms across 13 floors and a restaurant.

The hotel was acquired by Wing Tai through Winrise (Japan) TMK, its newly incorporated tokutei mokuteki kaisha (TMK) or special purpose company incorporated under Japanese law regarding securitisation of assets for investment holding purposes.

Shares in Wing Tai closed at $2.05 on Thursday.