GOLDER — HOTELS & HOSPITALITY
Japanese hotels,
matched with global capital.
We advise exclusively on hotel and hospitality assets. ADR, occupancy, GOP, the operating agreement — we read a hotel as an operating business first, then connect it with capital in Japan and abroad. Brokerage follows from that analysis, not the other way round.
- Hotels, ryokan and resorts only
- Domestic and offshore investor network
- Complimentary indicative valuation
- Licensed brokerage through to closing
OUR POSITION
Not a real estate agency.
A hotel-only investment advisory.
A hotel is real estate that happens to be an operating business. You cannot price it by stacking up a rent roll. So we read it through cash flow and the durability of that cash flow — and we have narrowed the entire practice to that one question.
Hotels, and nothing else
City, business and select-service hotels, resorts, ryokan, serviced apartments and hostels, plus hotel development sites and conversion opportunities. Restricting ourselves to hospitality is what lets us speak the language of operators and the language of investors at the same time.
Analysis comes before brokerage
Indicative valuation, market and competitive analysis, cash flow modelling, comparison of operating structures. The decisions taken before a process begins are what set the final price — not the negotiation at the end.
Capital is not only domestic
Alongside Japanese corporates, private funds and J-REITs, we work directly with investors across Asia and beyond. Not confining the buyer pool to Japan is what widens the range of price and terms actually available to a seller.
SERVICES
What we do
We do more than execute a transaction. We are engaged from the stage where the material for the decision has to be built. Research-only mandates are welcome.
ANALYSIS
VALUATION
Indicative valuation & pricing
RESEARCH
Market & feasibility research
DECISION
OPERATIONS
Operator selection & agreements
REPOSITIONING
Repositioning & conversion
EXECUTION
INVESTMENT SALES
Hotel brokerage
CAPITAL MARKETS
Buyer sourcing & capital matching
ADVISORY
Transaction advisory & due diligence
Research and advisory can be engaged on a standalone basis, with no brokerage mandate attached.
CLIENTS
Disposition, acquisition, and broker-to-broker.
FOR OWNERS & OPERATORS
If you own or operate a hotel
Succession, a refinancing deadline, a capex decision, the end of a fund's holding period. Most owners come to us before deciding to sell at all — so we start by putting a number, and the reasoning behind it, in front of you.
For owners & operators›
FOR INVESTORS & FUNDS
If you are looking to invest
Sourcing including off-market, underwriting support and independent research, operator introductions, and navigation of Japanese transaction practice. First-time acquisitions from offshore are welcome.
For investors & funds›
FOR BROKERS & INTERMEDIARIES
If you are an agent or intermediary
"A client has asked about selling a hotel and I cannot put a number on it." "Can you look at this deal for us?" We take on broker-to-broker enquiries, co-broking and research mandates — and never approach an introduced client except through you.
For Brokers›COVERAGE
What we cover
Across asset type, geography and transaction structure, we take on what sits within hospitality.
ASSET TYPES
AREAS
TRANSACTION STRUCTURES
HOW WE WORK
From first conversation to closing
The first conversation and the indicative valuation are at no cost. A brokerage agreement is signed only once the direction is settled.
Initial conversation
Background to the ownership, timing, the state of operations, and what can be disclosed. No decision to sell is required.
Indicative valuation
A written view: price range and the reasoning, the likely buyer universe, the structures available, and an indicative timetable.
Direction & mandate
Sell or hold; if selling, under which structure and with what level of disclosure. The brokerage agreement follows the decision — never precedes it.
Buyer sourcing
No-name approaches first; detailed disclosure only to parties under NDA. The approach list is agreed with you before anyone is contacted.
Inspections & due diligence
Site visits, disclosure and Q&A managed in one place. For a trading hotel we design the process to keep staff and guest experience undisturbed.
Contract & closing
Terms, documentation, closing and handover — including the transfer of operations and contracts where relevant.
INSIGHTS
A view from the deals
Notes on hotel investment in Japan, written from live transactions.
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FAQ
Questions we are often asked
CONTACT
Start with a conversation.
The indicative valuation is provided at no cost. Nothing you share is passed on beyond the scope you have approved. Enquiries in English are welcome.