REIT sells 302-room Osaka hotel for 7.75 billion Yen
Ichigo Hotel REIT has sold a 302-room hotel in Osaka to an unnamed buyer for 7.75 billion Yen (US$50 million), 2% more than the REIT paid for it eight years ago. The sale price works out to be around 25.66 million Yen per key.Read more
Tokyo developer buys site near Furano ski slopes
A Tokyo-based developer has acquired land near Furano’s Kitanomine ski slope with plans to develop a hotel or hotel-condominium.Read more
Construction giant enters data center business
Construction giant Obayashi Corporation announced its entry into the urban data center market with the establishment of a new development and operational firm called MiTASUN.Read more
University acquires Hilltop Hotel
Meiji University has acquired the historic Yamanoue Hotel (Hilltop Hotel) adjoining its campus in central Tokyo. The university announced the acquisition on November 15.Read more
Kyoto hotel revenues increase while domestic guest numbers decline
According to the Kyoto City Tourism Association, the average operating ratio across the 109 hotels surveyed was 76.7% in September. This was a 1 point increase from last year but is 6.2 points below the level seen in 2019. The operating ratio for ryokan-style hotels was 70.7%, up 9.6 points from 2019.Read more
Lingerie company pondering sale of Omotesando building
Lingerie company Wacoal Holdings is looking to offload its non-core real estate assets, as reported by the Nikkei Shimbun. And one of those assets might be the Spiral Hall building in Minami Aoyama, according to publication, Seventie Two.Read more
Luxury hot spring hotel to open on 13.5ha site in Hakone
Mitsui Fudosan and Mitsui Fudosan Resort Management are opening a luxury hot spring hotel on a 13.5 hectare site in Hakone in 2026. Hotel The Mitsui Hakone will follow the 2020 opening of Hotel The Mitsui Kyoto. This is Mitsui’s upper-end hotel brand. It will operate in a tie-up with Marriott’s The Luxury Collection, to appeal to inbound travelers.Read more