Indonesian billionaire Bachtiar Karim’s invictus enters Japan with the takeover of a hotel in Tokyo

Chayadi Karim, director of Invictus Developments, intends to build a property with a total value of $1 billion … (+) portfolio, with particular emphasis on the hotel and catering sector, over the five years to 2028.

Juliana Tan for Forbes Asia

Indonesian palm oil billionaire Bachtiar Karim’s Singapore-owned real estate arm Invictus Developments has entered the booming Japanese hotel industry with the acquisition of Lyf Ginza Tokyo.

Invictus is purchasing the co-living space from Ascott Serviced Residence Global Fund – a joint venture between Singapore-based CapitaLand Investment’s hospitality unit The Ascott Limited (Ascott) and the Qatar Investment Authority – for 10.5 billion yen ($70.6 million), according to CapitaLand.

Lyf Ginza Tokyo is strategically located in a prime location in Tokyo’s Ginza shopping district, approximately two minutes from Kyobashi Station and 10 minutes from Tokyo Station. After finalizing the transaction brokered by JLL, Ascott will continue to manage the 140-room property.

Led by Karim’s son Chayadi, Invictus is expanding its capabilities through acquisitions in Australia and Singapore to achieve the group’s goal of building a $1 billion hotel empire in the next five years. In May, he bought a 15-story office building in Sydney, which he plans to transform into a 152-room hotel. The company is currently building a 153-room Standard Hotel on Orange Grove Road in Singapore, next to the famous Shangri-La Hotel.

“Lyf Ginza Tokyo marks our inaugural acquisition in Japan,” Chayadi said in a statement. “We anticipate this will be the first of many hotel acquisitions in Japan in the coming years. We remain optimistic about the Japanese hospitality market, driven by strong tourism growth and its status as a leading travel destination for all travelers.”

According to the Japan National Tourism Organization, the number of international travelers to Japan reached 21 million in the first seven months of 2024, up 62% year-on-year from 13 million visitors. “Invictus is very optimistic about the fundamentals driving Japan’s hospitality sector, with a weaker yen and Japan’s continued popularity as an inbound tourism destination,” Chayadi said.

Chayadi’s father, Bachtiar, runs Musim Mas, an owner of palm plantations and processing plants in Indonesia, together with his brothers Burhan and Bahari. Bachtiar’s late father, Anwar, founded the Nam Cheong Soal Factory in 1932, and the family opened the first palm oil refinery in Indonesia in 1970. Two years later, the family founded Musim Mas. Together with his family, Bachtiar placed 15th in the ranking Forbes Asiais among Indonesia’s 50 richest people with a fortune of $3.9 billion.