Naha, Okinawa — Hotel Cap Rates & Price per Sqm
9 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
9
Median deal cap rate (last 12 months)
4.40%
Deal cap rate range (last 3 years)
4.30–5.40%
Avg. price (all time)
¥5.83bn
Properties appraised
6
Median appraisal cap rate
4.70%
Appraisal cap rate range
4.3–5.2%
Period ends
2025/12–2026/05
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
3 Hotel transactions in Naha, Okinawa were disclosed in the last 12 months, with a median cap rate of 4.40%.
Transaction cap rate trend (each deal + quarterly median)
Last 5 years. Grey dots are individual deals; the red line is the quarterly median. The segment into the quarter in progress (deals so far) is dashed. Use the number of dots to spot quarters with few deals. Calculated from cap rates disclosed in acquisition/disposition notices (appraisal NOI yield at the time of each deal). These differ from periodic appraisals (current valuations), shown separately below. See the table below for individual sources.
All transactions (9)
| Source | |||||
|---|---|---|---|---|---|
| 2026.11 | Solvita Hotel Naha | ¥4.65bn | 4.40% | — | REIT-IR ↗ |
| 2026.05 | Nest Hotel Naha Kumochi | ¥5.49bn | 4.30% | 2021 · 5 yrs | REIT-IR ↗ |
| 2026.03 | DoubleTree by Hilton Naha Shurijo | ¥10.46bn | 5.40% | 1973 · 53 yrs | REIT-IR ↗ |
| 2024.10 | Lot adjacent to Okinawa Harborview Hotel | ¥0.06bn | — | — | REIT-IR ↗ |
| 2024.07 | Okinawa Harborview Hotel | ¥21.50bn | 5.30% | 1975 · 51 yrs | REIT-IR ↗ |
| 2023.09 | Smile Hotel Okinawa Naha | ¥1.12bn | 4.40% | 2007 · 19 yrs | REIT-IR ↗ |
| 2022.03 | Hotel JAL City Naha (Additional Land Acquisition) | ¥0.02bn | — | 2022 · 4 yrs | REIT-IR ↗ |
| 2020.01 | Solvita Hotel Naha | ¥3.86bn | 4.50% | 2005 · 21 yrs | REIT-IR ↗ |
| 2020.01 | Nest Hotel Naha | ¥5.29bn | 5.30% | 1975 · 51 yrs | REIT-IR ↗ |
Periodic appraisals (current valuations)
Each property’s latest period-end appraisal. Aligned in time, so current levels can be compared
Periodic appraisals (period-end valuations)
Naha · Hotel: 6 properties · period ends 2025/12–2026/05 · median 4.70% (4.3%–5.2%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| ロワジールホテル&スパタワー那覇United Urban Investment Corporation | 5.2% | -10 | 2026/05 | Filing ↗ |
| Solvita Hotel NahaHoshino Resorts REIT Investment Corporation | 4.3% | -10 | 2026/04 | Filing ↗ |
| スマイルホテル那覇シティリゾートMirai Corporation | 4.8% | – | 2026/04 | Filing ↗ |
| コンフォートイン那覇泊港Nomura Real Estate Master Fund, Inc. | 4.8% | ±0 | 2026/02 | Filing ↗ |
| メルキュール沖縄那覇Japan Hotel REIT Investment Corporation | 4.6% | ±0 | 2025/12 | Filing ↗ |
| Okinawa Harborview HotelJapan Hotel REIT Investment Corporation | 4.6% | -60 | 2025/12 | Filing ↗ |
Direct capitalization rates from each property’s latest period-end appraisal, for properties of the same use in the same city/ward (period ends within the last year; from J-REIT annual securities reports and results materials). These differ from acquisition cap rates (chart and deal list above) and compare current valuations regardless of deal timing. Values for the same property can differ by appraiser or ownership share. Reference information only, not a recommendation.
See appraisals in Naha · Hotel as a list →
FAQ
What is the average Hotel cap rate in Naha, Okinawa?
The median cap rate across 3 J-REIT disclosed transactions in the last 12 months is 4.40% (as of November 1, 2026, appraisal NOI yield basis).
What is the data source?
Timely-disclosure PDFs published on each J-REIT official IR page. Every record links to its source.