Historic Atami Villa sold to developer

On June 13 Mori Trust announced that they have acquired the historic holiday home of Taneji Yamazaki (1893-1983) in Atami City for an undisclosed price. Yamazaki was a successful businessman, founding several trading companies, including one which is now SMBC Friend Securities. In 1966 he founded the Yamatane Museum of Art in Tokyo, which was the first museum to feature only Japanese paintings.

The Yamatane-ryo was built in 1936. It is located just north of Kinomiya Station and about a 15 minute drive from Atami Station. It is a peaceful hillside neighbourhood with a history dating back over 1300 years. The 8,300 sqm (89,000 sq ft) property has views of Atami Bay, Hashima Island as well as the numerous firework festivals held over the bay throughout the year. Although the purchase price was not made public, similar properties in the Atami area are extremely rare and can fetch upwards of 1 billion Yen (approx. 9 million USD+).

In addition to the traditional wooden house, the property also includes a Japanese garden and a natural hot spring source. Mori is aiming for the property to be developed into Atami’s first foreign luxury-branded hotel.

Atami is one of Japan’s top three hot spring areas, and has been a popular holiday destination for politicians, wealthy businesspeople, artists and celebrities since the Meiji era. With the Shinkansen train providing a 40 minute commute from Tokyo, access is quick and convenient. In the past five years, hotel guest numbers in Atami have increased by 20%.

In 2015, Mori Trust and Starwood Hotels and Resorts opened the Suiran, a Luxury Collection Hotel, Kyoto in the Arashiyama district. In March 2017, Mori acquired the historic Goran Kansuirou Hotel in Hakone which was built in 1921 as a holiday home for a member of the Mitsubishi family.

Location

Nishiatamicho, Atami City, Shizuoka Prefecture

Sources:
Mori Trust News Release, June 13, 2017.
R.E.Port, June 14, 2017.