Blackstone has purchased the Moxy Kyoto Nijo, a 158-room hotel in Kyoto, Japan, from Goldman Sachs Group for JPY8bn (USD54m). The hotel, part of Marriott International and located near Kyoto’s Nijo Castle, opened in July 2021. The acquisition reflects the increasing attractiveness of Japanese hotels as real estate investments amid a tourism rebound. Investors are drawn to Japan’s hospitality sector due to the weakening yen and the ability of hotels to adjust rates in an inflationary environment. In 2023, foreign investments in Japanese hotel deals topped USD2bn, the most in any Asian commercial property sector. Blackstone, focusing on hospitality, has added at least 12 Japanese hotels to its portfolio in the past two years.