100-yr old building to be converted into hotel

Heiwa Real Estate is in the process of converting a 100-year old office building in Nihonbashi into a small luxury hotel. The new hotel is scheduled to open next February.

The Kabutocho No. 5 Heiwa Building is located just behind the Tokyo Stock Exchange. It was built in 1923 for the Daiichi Bank (now Mizuho Bank). At some point, the decorative stone exterior was covered up with exterior panels in an attempt at modernization. Luckily, some of the original exterior details were preserved underneath and are now being restored. The building has a total floor area of 2,096 sqm, with four floors and one basement.

The 20-room hotel will be located on floors two, three and four. Nightly rates are expected to range from 20,000 ~ 60,000 Yen (approx. 185 ~ 550 USD), with the suite going for around 150,000 Yen (1,380 USD). The ground floor retail will include a Brooklyn Brewery flagship, a new restaurant produced by the people behind the popular KABI in Meguro, a Switch Coffee Tokyo branch, and a library-bar.

With the relocation of the Japan Securities Dealers Association to Nihonbashi in 2018, the Kabutocho area has started to empty out. Heiwa Real Estate, a major property owner in this neighborhood, has been actively seeking out ways to reinvigorate the district by supporting startups, and encouraging retail and hotel development. Kabutocho was the birthplace of the country’s modern financial industry and was considered the Wall Street of Japan.  

Location

Nihonbashi Kabutocho, Chuo-ku, Tokyo

The rear of the building shortly after completion. The river is now an expressway. Image via PR Times.

Sources:
The Nikkei Shimbun, November 12, 2019. 
PR Times, November 12, 2019.

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