JLL’s (NYSE:JLL) Hotels & Hospitality Group today announced that it has advised Mapletree Investments Pte Ltd, a Singapore-based global real estate development, investment, capital and property management company, on the sale of the Oakwood Suites Yokohama, Japan, to an undisclosed investor.

The Oakwood Suites Yokohama, which opened in November 2020, comprises 175 contemporary apartments, each with panoramic views and kitchenettes. The hotel is located next to Bashamichi Station, in the heart of Yokohama, close to the major office buildings of Minatomirai and the tourist attractions of the bay area.

According to JLL analysis, the serviced apartment market in Japan is more nascent compared to other markets, as a result of historically smaller average room sizes which often accommodate up to two people. Several developers and operators have been looking to capitalize on this supply/demand imbalance in recent years with operators such as Ascott, Mimaru and Section L expanding their footprint across Japan. A recent Booking.com survey on multi-generational travelers in 11 countries and regions in Asia, found Tokyo to be the most popular family destination across the world.

“High-quality serviced apartment hotels such as the Oakwood Suites Yokohama are highly sought after by investors as they offer a base of long-stay demand, combined with the ability to yield ADR during peak periods. The record growth of inbound visitors to Japan provides an exceptional opportunity for hotels with features appealing to international guests,“ says Charlie Macildowie, Executive Vice President, JLL Hotels & Hospitality Group.