Nomura Real Estate Master Fund, Inc. (R-NMF) has agreed to buy the Best Western Hotel Fino Tokyo Akasaka for ¥8.7bn, a price set below the ¥10.93bn value an independent appraiser assigned the property as of July 1, 2026. The seller, listed contractor ICHIKEN, carried the asset on its books at about ¥5.3bn. Contracts are due to be signed on August 20, with the handover set for September 1, funded from R-NMF's own cash rather than new debt or equity.
| Metric | Figure |
|---|---|
| Acquisition price | ¥8.7bn |
| Appraised value | ¥10.93bn |
| NOI yield (appraisal-based) | 4.4% |
| Rent structure | Fully variable, tied to hotel GOP |
| Rooms | 87 |
| Foreign guest share | 95% |
| Average guest stay | About 3.7 days |
| Seller's book value | About ¥5.3bn |
| Closing date | September 1, 2026 |
The 87-room property, six years old and a three-minute walk from both Akasaka-mitsuke and Akasaka Metro stations, is not a typical stabilized-income hotel bet. Its rent is entirely variable, calculated as a share of the operator's gross operating profit, so R-NMF's income rises and falls with occupancy and room rates rather than a fixed lease floor. That is a deliberate wager on demand: foreign guests already make up 95% of the hotel's occupants, well above the roughly 45% inbound share R-NMF cites for Minato Ward's overnight stays as a whole, and those guests stay an average of 3.7 days against a ward-wide average closer to two. Minato Ward's tourism plan targets more than 9 million total overnight stays in 2026, up from 8.08 million in 2024.
Operator Polaris Holdings, which already runs two other R-NMF-owned hotels in Kyoto and Kanazawa, disclosed an operating platform of 124 properties and 17,476 rooms, a figure that includes hotels not yet opened, as of the end of June 2026. The filing's rental-status table lists the property's lease occupancy, as reported to R-NMF by ICHIKEN, at 100% for every June-end snapshot from 2022 through 2026.
The purchase lifts R-NMF's hotel sector to nine properties worth ¥37.0bn, still just 3.3% of its total portfolio. R-NMF says the deal will have no effect on results for the period ending this August and only a minor effect on the period ending February 2027, with the acquisition's contribution to full guidance due in an October 16 earnings release.