Blackstone has bought a Ritz-Carlton resort in Okinawa and is purchasing another hotel on the island in a deal worth about ¥20 billion ($130 million), according to people with knowledge of the matter.

The U.S. alternative asset manager bought the 97-room Ritz-Carlton, which is located in a country club, from Kanehide Holdings, a closely held company involved in a broad range of industries in the prefecture. The transaction will include the Kanehide Kise Beach Palace and money to be spent on renovations, the people said, asking not to be identified as the matter is private.

Blackstone declined to comment. Representatives for Kanehide weren’t immediately available to comment.

The deal comes during a tourism boom in Japan that’s been driven by a weak yen. More than 30 million travelers visited the country in the first 10 months of this year, already beating annual records. The burst of activity has drawn business and investment interest in Japanese hotels, which have been among the most popular real estate assets in Asia this year.

Okinawa’s subtropical climate and numerous beaches make it a popular vacation destination, both domestically and for travelers across Asia. About 886,700 tourists visited Okinawa in the April to October period this year, a 12.5% increase from a year earlier, according to local government data.

Japan saw ¥767 billion in hotel transactions in the first six months of 2024, a 46% jump from a year earlier and the most in at least a decade, according to MSCI Real Assets.

Blackstone has also marked its most active year in Japan, with about $7.7 billion in transactions across its real estate and private equity business in the country. Last week, the firm said it had bought a mixed-use complex in central Tokyo from Seibu Holdings for about ¥400 billion.