Nagoya hotel sells for 6.5 billion Yen
The Japan Prime Realty Investment Corporation J-REIT is acquiring a 153-room hotel on the eastern side of Nagoya Station. The acquisition price is 6.5 billion Yen (approx. US$44 million), which is around 42.5 million Yen per key. The cap rate is 4%, although it is leased to the operator under a fixed + variable rental agreement.Read more
Marriott-branded hotel in Tottori delayed
At a city council meeting on September 17, Tottori City Mayor Yoshihiko Fukazawa announced a delay in the proposed development of a Marriott-branded hotel on the Tottori sand dunes. The city is now scheduled to sign an agreement with the developer on January 1, 2025, after the prolonged pandemic led to the postponement of the planned 2021 and 2023 dates.Read more
60 billion Yen luxury resort project for Okinawan island
Keihan Real Estate, a subsidiary of rail-related Keihan Group, along with several other companies, is planning a 60 billion Yen (US$415 million) hotel resort project on Okinawa’s Minna-jima Island. Other project participants include Tokyo-based design firm Koikedesign Group, and Naha-based real estate firm ZEKKEI.Read more
Once-bankrupt resort hotel finds Hong Kong buyer
A Hong Kong-based tech and investment firm has acquired the Awashima Hotel in Shizuoka. This resort hotel is located on a small, uninhabited island off the coast of Numazu, with guests ferried over from the mainland.Read more
Raffles to open luxury hotel in Tokyo in 2028
On July 22, the World Trade Center Building, Kajima Corporation, Tokyo Monorail, and JR East announced that Raffles will be opening their first hotel in Japan in the World Trade Center Building redevelopment project.Read more
Locals oppose luxury hotel plan for Miyajima, Hiroshima
Residents of Hiroshima's Miyajima island are vehemently opposed to government plans for a luxury hotel. The proposed hotel site is 3 kilometers or 10 minutes by car from the island's famed Itsukushima Jinja Shrine, a popular sightseeing spot for its giant 'floating' torii gate that sits in the bay.Read more
Fosun selling Hokkaido ski resort
Fosun International is selling Hoshino Resort Tomamu for approximately 40.8 billion Yen (US$252 million).
Development of the 5,000 hectare mountain resort began in the 1980s as a third-sector, or a government and private business hybrid scheme. Much of the resort was completed by the early 1990s, just as the asset bubble had burst.Read more