This translates to approximately JPY19.4 million and JPY16.9 million per key respectively. Additionally, SAR acquired a mezzanine loan for JPY952 million, backed by four hotel assets in Tokyo and Osaka. The acquisition includes Ace Hotel hotel brand, which currently consists of eight boutique lifestyle hotels across North America, Europe, and Asia, with a pipeline that includes a new property in Fukuoka, Japan, scheduled to open in 2027. The disposal will result in a loss of approximately HKD177 million, which is about 44 percent lower than the original purchase price. Through a network of some 60 offices and more than 300 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry.