KKR Sells Four Points Flex by Sheraton Portfolio in Japan

The sale leaves the portfolio's asset manager and hotel operator in place.

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09/24/2026 - 10:33 PM

TOKYO--(BUSINESS WIRE)-- Global investment firm KKR today announced that funds managed by KKR have completed the sale of a portfolio of 16 hotels across Japan operating under the Four Points Flex by Sheraton brand to a leading global institutional investor.

Located in 11 cities across major tourist destinations such as Greater Tokyo, Osaka, Kyoto, and Fukuoka, the portfolio is conveniently situated close to prime transportation links, world-class dining, and key business and leisure districts, providing consumers with quality, affordable accommodation amid a sustained rebound in international and domestic tourism.

KKR acquired the portfolio from Unizo Holdings in 2024, and subsequently undertook a comprehensive renovation and repositioning program. In strategic partnership with Marriott International, KKR launched the Four Points Flex by Sheraton brand in Asia Pacific, providing the hotels with access to Marriott's global distribution network and Marriott Bonvoy loyalty base.

KJRM, one of Japan’s largest asset management companies, which KKR acquired in 2022, acted as the portfolio's asset manager from acquisition through renovation and repositioning, and will continue to serve as the asset manager for the portfolio following the transaction. KJRM intends to work with the new owner to add further stabilized Japan hotel investments to the portfolio over time.

K+ Hospitality Management, KKR's dedicated hotel operating platform in Japan, will continue operating the hotels following the sale, providing a platform for potential future growth.

Since acquiring the portfolio, KKR has undertaken a range of value creation initiatives, including:

Executing a comprehensive renovation program to modernize the assets and deliver a consistent, welcoming guest experience throughout the portfolio;
Enhancing the management team and reorganizing the corporate structure of the underlying hotel operating platform to strengthen oversight and decision-making;
Introducing institutional budgeting, reporting, and revenue management practices to optimize pricing and occupancy;
Strengthening the organization and enhancing HR practices to support long-term operational performance; and
Leveraging KJRM’s asset management capabilities and K+ Hospitality Management’s operating expertise to support the renovation, repositioning, and ongoing performance of the portfolio.

David Cheong, Head of Acquisitions for KKR's Asia Real Estate team, said, “We saw an opportunity to reposition this portfolio for Japan’s growing demand for high-quality, accessible accommodation, and we're proud of what we've built with Marriott, leveraging KJRM and K+ Hospitality's capabilities. We look forward to continuing to grow both platforms, and pursuing new opportunities across Japan’s hospitality sector. Japan remains one of the most important markets for our real estate strategy, and we have strong conviction in the long-term fundamentals of the country’s hospitality and broader real estate sector.”

KKR continues to be highly active in Japan's real estate sector, which today includes a portfolio of Sapporo Real Estate – a diverse mix of commercial, office, and residential assets including Yebisu Garden Place in Tokyo – as well as multifamily properties and office assets across Japan, among others.

Additional details of the transaction have not been disclosed.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.