VANCOUVER — The Japanese hospitality firm APA Group is buying Vancouver-based Coast Hotels for $210 million from Okabe Co. Ltd., another Tokyo-based corporation, it was announced earlier this month.
The sale will evolve via a share-transfer agreement that was completed July 28 and is expected to close in early September, according to press releases issued by both companies.
In North America, Coast Hotels has 36 properties under its banner, including properties such as the Coast Coal Harbour Hotel, in Vancouver and Waimea Plantation Cottages, in Hawaii.
APA Group made an offer to purchase the Coast Hotels business, which was accepted by the Canadian firm’s parent company, said Coast spokeswoman Sarah Kirby-Yung, quoted in media reports.
APA Group’s acquisition of Coast represents a bigger foray into the North American market for the company, Japan’s biggest hospitality company.
APA, which stands for Always Pleasant Amenity, entered the U.S. market in November of 2015, the hotel industry news website Hospitality Net reported, by striking a partnership with New-Jersey-based Friendwell Group of Companies to develop the APA franchise in the U.S.