Keihan Real Estate to develop machiya guesthouses in Kyoto

On December 6, Keihan Real Estate announced plans to enter the machiya guesthouse business in Kyoto City. The company, along with Tokyo-based real estate flipper Intellex, plans to invest 2 billion Yen (approx. 18 million USD) in restoring 10 guesthouses over the next year.

Their first project is the restoration of a Kyo-machiya town house scheduled to open in May 2019. The two story wooden house is estimated to have been built in the early 1930s. It sits on a 88 sqm (947 sq.ft) block of land in Higashiyama ward and has a registered building size of 98 sqm (1,054 sq.ft). Operations of the guesthouse will be entrusted to an accommodation management company who will lease it out to tourists.

Sources:
Keihan Real Estate Press Release, December 6, 2018.
The Sankei Shimbun, December 6, 2018.