Millennium & Copthorne Hotels’ wholly-owned unit CDL Hotels Holdings Japan has bagged a £113 million property deal in Tokyo, The Wall Street Journal reports. The U.K. group has entered a conditional purchase and sale deal with Japan’s Cosmos Initia.

The acquired real estate is located at Ginza 5-chome, Chuo-Ward. The property will be demolished and rebuilt into a 325 room deluxe hotel.

Click here for the story from The Wall Street Journal.