According to an article in Business Journal, Chinese property developer and cinema chain operator, Dalian Wanda Group, plan to develop a mixed-use hotel and cinema complex in Tokyo.  This will be the first project in Japan to be developed by a major mainland Chinese property developer.

It is hoped that the hotel will be open in time for the 2020 Summer Olympics.

The group has developed 109 large-scale shopping malls and 71 hotels (including 69 five-star hotels) across China. In early 2014, the group acquired a 90% stake in plans for a mixed-use condo, hotel and commercial project in Chicago. Construction of the $900 million project is scheduled to start in 2016. There are also plans for Wanda Hotels in London and Madrid.

The Shinjuku Washington Hotel

Japan is already seeing a growing number of foreign tourists, and demand for hotel rooms is expected to climb in the lead-up to the Olympic Games. Hotel rooms, however, are in short supply. Japanese property developers are clamouring for suitable building sites in Tokyo, which has made suitable land scarce.

Wanda Group are considering acquiring land for development, but are also seeking existing hotels that have the potential to be refurbished and rebranded. One of the hotels on the group’s radar is the 1,634-room Shinjuku Washington Hotel. The 25-storey business hotel was built in 1983 and is located just south of the Tokyo Metropolitan Government Building and east of the Park Hyatt Tokyo. United Urban Investment Corporation acquired the beneficiary rights to the property in 2003 for 21.1 billion Yen.

Sources:

Business Journal, July 7, 2015.
United Urban Investment Corporation News Release, December 22, 2003.

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