CDL just flipped a Japanese hotel for a fat profit. Bought Bespoke Hotel Osaka Shinsaibashi for 8.5B yen in Aug 2023, now selling it to Blackstone's real estate funds for 14B yen (~S$117M) - that's a 64% gain in just 2+ years. The 256-room freehold property sits in Osaka's prime Shinsaibashi district. CDL's capitalizing on Japan's hospitality boom post-border reopening. Deal closes Dec 2025. Part of CDL's bigger capital recycling push - they've already locked in S$1.8B+ in divestments this year across multiple assets. Blackstone sees it as a sweet spot: Japan + hospitality + leisure. Smart timing for both sides.