Pacifica Capital KK, a Tokyo-based commercial real estate developer, announces what it claims to be of ?one of the largest and most unique hotel developments ever to be built in Japan?.
The project, a Langham-branded?luxury hotel to be located in Tokyo?s central business and entertainment district of Roppongi, consists of 4,000 square metres of land.
Pacifica identified the site in early 2014 and spent more than a year formulating a development plan and negotiating with the land owners.
Pacifica selected Great Eagle Holdings, a Hong Kong listed developer, to own and operate the project and advised Great Eagle on the development plan and land acquisition.
?Stand-alone luxury hotels are a rarity in Tokyo, so we are pleased to have put together what will become a landmark project,? said Seth Sulkin, president & CEO of Pacifica. ?This was an incredibly complex and difficult project to arrange. It is our first project after entering the hotel development business in 2014, and the start of many more to come.?
A purchase and sale agreement for the land was executed on July 31, 2015 by an affiliate of Great Eagle. Acquisition of the land will be completed by December 22, 2015. The project will become the first ?Langham? branded hotel in Japan.
Since 1995, Pacifica Capital KK?has been one of the leading foreign capital developers in Japan. Pacifica has built a wide range of commercial projects throughout the country, including retail, office, residential and utility-scale solar power.
Since 2014, its primary focus has shifted to the development and acquisition of mid-range and luxury hotels in Tokyo and other major Japanese cities.