GIC agreed to acquire 31 properties of Seibu-backed Prince Hotels, a hotel chain company, for $1.3bn. "Seibu’s hospitality portfolio is a unique investment opportunity for GIC to acquire a sizeable portfolio of highquality assets located in prime locations throughout Japan. Given Japan’s strong domestic tourist market throughout Covid-19 and increasing demand for global travel, we believe that these assets are well-positioned to generate resilient returns," Lee Kok Sun, GIC CIO of Real Estate.