Chicago-based LaSalle Investment Management has acquired ibis Styles Tokyo Bay hotel for an undisclosed sum through its LaSalle Asia Opportunity V fund, it said it an announcement.

The 126-room hotel is located close to the Tokyo Disney Resort in Hinode, Uruyasu City, China prefecture and has a gross floor area of 6,714.68 square meters. It is also a 15-minute walk away from Shin-Uruyasu Station.

LaSalle is banking on the rapid growth of inbound tourism to Japan in the next few years, where hotels near major tourist attractions are expected to benefit from the trend.

The hotel will be opened on July 2 and will be operated by AAPC Japan KK, the Japanese subsidiary of France-based AccorHotels.

“Japan holds many opportunities for us and Urayasu, Chiba, in particular, is experiencing strong growth for its hospitality sector, underpinned by a booming domestic tourism market and its growing reputation as a resort destination.

“We have seen a remarkable growth in the rate of inbound travelers in recent years, and expect hospitality assets in the region to perform well backed by a strong support base of investors,” said Lasalle Japan’s head of acquisitions, Kunihiki Okumura.

LaSalle Asia Opportunity V is the real estate investment manager’s fift series pan-Asia opportunistic fund, which was closed at $1.15 billion this April, exceeding its initial target of $750 million.

The firm has invested a total of about $11 billion through LaSalle Asia Opportunity series across over 150 investments. The fund’s target markets are Australia, China, Hong Kong, Japan, Korea and Singapore.

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