Kyoto City is selling a 3,000 sqm site on the northern side of Nijo Castle to real estate developer Open House Co., Ltd. The developer is planning to open a low-rise hotel in 2024.
The new hotel will have 70 rooms, a noh stage, a Nijo Castle history display corner, and a gallery featuring wall paintings traditionally used on sliding doors and screens in castles.
Public bidding was held in early November 2020, with the minimum bid set at 2.092 billion Yen. Sumitomo Corporation was the other bidder.
The sale includes the 5-story, 50-year old former Fukushi Kaikan Building that will be demolished. The majority of the land falls under a Category I Residential Zone with a 15-meter building height limit.
The sale price was 2.55 billion Yen (approx. US$24.7 million), which works out to around 850,000 Yen/sqm for the land. In 2017, Open House also acquired a 4,700 sqm vacant lot just along the street for an undisclosed price. In July 2019, the Nikkei Real Estate Market Report said that land was then sold to a special purpose company established by the Shangri La group.
In November, Hotel The Mitsui Kyoto, part of the Luxury Collection by Marriott International, opened on the eastern side of Nijo Castle. The grounds were once the estate of the centuries-old residence of the Mitsui clan. This is said to be the only luxury hotel in Kyoto City with its own natural hot spring source.
Source: The Mainichi Shimbun, January 3, 2021.
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