Hong Kong, November 13, 2026: AXE Management Partners has sold a portfolio of three hotels comprising 518 rooms in central Osaka to Tokyo-listed real estate investment manager Creal for approximately JPY 21 billion, according to sources familiar with the transaction. The sale price is nearly double the JPY 10.7 billion that AXE paid for the properties in 2024.
The hotels, originally acquired from CapitaLand Ascott Trust for about USD 71 million, were purchased by Creal on July 31, 2026. While Creal’s regulatory filings did not disclose the seller or the price, transaction details were first reported by Mingtiandi. AXE Management Partners could not be reached for comment before publication.
Refurbishment and brand partnership
Completed in 2018, the hotels were initially operated by WBF Hotels & Resorts, which entered court-supervised restructuring in April 2020 due to the pandemic. Two of the properties had been closed since 2020 when AXE took control. AXE partnered with UK-based IHG Hotels & Resorts to introduce the midscale “Garner by IHG” brand to Asia, marking its first deal outside North America. The properties underwent refurbishment, including redesigned public areas, and reopened in the first half of 2025. The sale closed about 18 months later.
Osaka hotel market sees large transactions
The AXE sale is part of a series of significant Osaka hotel transactions in 2026, including a JPY 38.5 billion purchase of the Centara Grand Hotel Osaka by a Nomura-managed fund and Japan Hotel REIT’s JPY 14.3 billion acquisition of Candeo Hotels Osaka Namba. These deals indicate sustained institutional interest in Osaka’s hospitality sector.
AXE Management Partners background
AXE Management Partners was founded by Gary Kwok, who previously held senior roles at Credit Suisse and Bank of America Merrill Lynch, where he led Asia Pacific hospitality, lodging and gaming real estate. According to AXE, Kwok has overseen transactions exceeding USD 50 billion during his career. The company is reportedly planning further investments in hospitality and commercial real estate in Japan and other Asian markets.
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