Home —FOR BROKERS & AGENTS
FOR BROKERS & AGENTS
If you hold information on a hotel
We are a brokerage and advisory firm working only on hotels and lodging. We do not confine the buyer pool to Japanese investors and corporates — offshore capital is part of the design. Bring us an asset, or simply ask us to look at a deal: research-only mandates are equally welcome.
WHAT WE LOOK FOR
What to bring us
Trading, closed or not yet opened — all are of interest, as are development sites and conversion opportunities. The harder an asset is to place, the more we want to hear about it.
- Hotels, ryokan and lodging houses — trading, closed or pre-opening
- Hotel sites, schemes in planning, and consented but unstarted projects
- Buildings convertible to hotel use — offices, dormitories, company housing, hospitals, retail
- Assets requiring assignment of a management or franchise agreement
- Leasehold, sectional ownership or co-ownership interests
- Pre-1981 seismic standard, deferred capex, or open compliance questions
- Freehold, and also trust beneficiary interest, SPC interests or share transfer (M&A)
- Assets making no money, or closed and carrying fixed costs only
Assets passed over because trading has fallen away, because an operating agreement is still in place, or because compliance is uncertain, are precisely our territory. A hotel's price moves with how the operation is structured, not with the building alone. That is what we price.
WHAT WE DO
What we provide to brokers
Approach to prospective buyers
We do not confine the buyer pool to Japan. Alongside Japanese corporates, private funds, J-REITs and private wealth, we approach capital across Asia and beyond where the asset warrants it.
- Domestic and offshoreCorporates, private funds, J-REITs, family offices, hotel operators and private investors.
- Materials in five languagesRebuilt into a form an offshore investor can underwrite — English documents plus an explanation of Japanese practice, licensing and tax considerations.
- You approve the list firstA candidate list is put to you before anyone is contacted. Exclusions are honoured.
Swift decision-making
Hotels have a reputation for slow processes. The first read does not have to be slow.
- First response within 48 hoursWhether this is an asset we can find a buyer for — that answer comes first.
- Five items to startLocation, key count, structure and year built, recent occupancy / ADR / GOP, and the operating structure with the price expectation.
- NDA the same dayYour form or ours, either is fine.
Research mandates
"Look at this deal for us" is taken on its own terms, with no brokerage mandate attached. Deliverables are prepared so that you can present them to your client under your own name.
- Pricing viewA range built from income capitalisation, comparable transactions and replacement cost, with the assumptions stated.
- Reading the P&LDepartmental revenue, payroll, utilities, FF&E reserve and management fees rebuilt to a defensible GOP and NOI.
- Market and competitionCatchment demand, competitive supply and rate positioning, and forward pipeline, tested against the assumed ADR and occupancy.
- Fee and timingQuoted before we start, according to scope. A pricing view alone typically takes one to two weeks.
Handled by a project team
The questions that arise either side of a transaction are answered in one place.
- Structuring the operationOperator selection, and pricing built on a change of structure between lease, management contract and franchise.
- LicensingHotel Business Act, Building Standards Act and Fire Service Act issues set out clearly.
- The exitWe present a price alongside the buyer's route to return and exit.
Information handling
News of a hotel sale can unsettle staff, cost the owner suppliers, and damage forward bookings.
- No direct approach to your clientWe never negotiate around you — with the seller or the buyer.
- Staged disclosureNo-name, post-NDA limited disclosure, and inspection, managed as three distinct stages.
- No onward circulationInformation you provide is not passed to any third party without your consent.
OUR COMMITMENT
What we promise the introducing firm
We do not advertise a fee uplift. Payments beyond the ceiling set by Japan's Real Estate Brokerage Act are unlawful whatever they are called. So we commit only to what we can actually keep.
- We do not haggle over commission. The amount prescribed by the Act is paid in full
- We do not change terms late. What we offer is not cut back on the eve of signing
- Offers come with evidence of funds. Whether a financing condition applies is stated up front
- We do not approach your seller or buyer directly. Everything goes through you
- If we decline, we tell you why. We do not leave you on "we are considering it"
- You get first call on the resale. When an asset we were involved in comes back to market, the firm that brought it to us hears first
PROCESS
How it runs
Start no-name if you prefer.
You send the information
Form, email or telephone. Nothing that identifies the asset is required at this stage.
First response
Whether this is an asset we can find a buyer for. Normally within 48 hours.
NDA and disclosure
Only if we proceed. Your form is fine.
Approaching buyers
We move only once you have approved the approach list.
Terms, contract, closing
Price, and also closing date, treatment of non-conformity, operational handover and the position of employees.
IMPORTANT
Our position on trust beneficiary interest transactions
- Our licence Golder Inc. is a licensed real estate broker in Japan (Osaka Governor (1) No. 65301). We are not registered as a financial instruments business operator.
- What we do not do Under Japan's Financial Instruments and Exchange Act, a real estate trust beneficiary interest is a deemed security. Broking, agency or intermediation of its sale or exchange requires registration as a Type II Financial Instruments Business Operator. We therefore do not perform those acts, and we take no fee in respect of them.
- What we do On transactions structured through a trust beneficiary interest, we act not as an intermediary to the transaction but as an adviser verifying and organising information on the underlying real estate and the operating business — condition of the asset, financial and market analysis, review of the operating agreement, and preparation of disclosure materials.
- If broking is required Where broking of the interest itself is necessary, we introduce an operator registered for Type II Financial Instruments Business and confine our own role to research and analysis.
- Fees Our fee is consideration for the research and analysis performed, quoted according to scope. It is not structured as a success fee contingent on completion of a trust beneficiary interest sale.
For transactions in direct real estate (freehold), we act as a licensed real estate broker in the ordinary way. The lawful structuring of each engagement is confirmed with legal counsel where necessary.
FAQ
Frequently asked
CONTACT
If you have a deal, start with a conversation.
Select "Broker-to-broker enquiry or research mandate" in the enquiry form. No-name enquiries, and enquiries while the matter is still confidential, are equally welcome.