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Ichigo Hotel REIT to Sell Tokyo Hotel Asset for 1.58 Billion Yen

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Ichigo Hotel REIT Investment (TYO:3463) will sell its Hotel Livemax Nihombashi-Hakozaki property in Tokyo for 1.58 billion yen as part of a portfolio restructuring strategy, according to a Friday filing.

The company expects to book a gain on sale of 273 million yen, which it plans to fully distribute as dividends, while using remaining proceeds for future acquisitions and value investments, it said.

Ichigo Hotel REIT decided to dispose of the property due to limited growth potential because of its size and structure, it said.

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