Hiramatsu Kashiko Island, Mie Prefecture

Restaurant and wedding function company, Hiramatsu, has announced plans to open an additional two auberge-style resorts in Karuizawa and Nasu.

Both resorts will have around 30 guest suites and are scheduled to open in 2020. The Karuizawa property is located on a 53,000 sqm site of leased land in Miyota Town, just west of Karuizawa. Annual revenues are forecast to be 1.1 billion Yen (approx. 10 million USD), and the total investment will be around 3 billion Yen (approx. 27 million USD).

The Nasu property will be located in the historic Nasu Hot Spring district on a 33,000 sqm site of freehold land. Annual revenues are forecast to be 950 million Yen, with a total investment of around 3 billion Yen.

Hiramatsu entered the resort market in 2016 and has opened three small luxury resorts in Atami, Kashiko Island and Hakone’s Sengokuhara area. The resorts have between 8 and 13 guest suites. Nightly room rates start from around 65,000 Yen per person, with two meals included.

The second stage of Hiramatsu’s plan is develop larger resorts with between 20 and 50 guest suites, while the third stage involves city luxury hotels with over 50 rooms.

In July 2018, Hiramatsu will open a 20 room resort on a 22,000 sqm site in Ginoza, Okinawa. Revenue for the first year is forecast to be 500,000,000 Yen.

Source: The Nikkei Shimbun, June 16, 2017.