Record high number of listed companies dispose of real estate in 2022
Of the 3,803 TSE listed companies, 114 reported the sale of real estate assets in the 2022 fiscal year, according to Tokyo Shoko Research. This is the highest number seen since 2007. In the late 1990s and early 2000s, the typical annual number ranged from 150 to 230 companies.
Bulgari Hotel Tokyo opens
The Bulgari Hotel Tokyo officially opened on April 4, marking the hotelier’s first foray into Japan and the 8th Bulgari-branded hotel globally.Read more
Three hotels sold by Hokkaido hotelier
Mail-order company Belluna has emerged as the buyer of two hotels in Hokkaido from Karakami Hotels & Resorts for an undisclosed price. Karakami will stay on as the operator of the hotels.
Buyer in talks to buy Kiroro Resort
Shanghai Yuyuan Tourist Mart Co. has expressed interest in purchasing Kiroro Snow World, Kiroro Resort, its land, two hotels, onsen, and golf course through an 11 billion Yen (US$81.5 million) corporate acquisition of Napier SPC.
REIT acquires partial ownership in ARGYLE aoyama
A 50% quasi co-ownership share in the ARGYLE aoyama on the corner of Aoyama and Gaien-Nishi streets in central Tokyo has been acquired by the Japan Real Estate REIT for 23.9 billion Yen (approx. US$175 million). The building is fully leased and the cap rate is 2.9%.
Roppongi Hills' high-rise neighbor one step closer to construction
On February 15, the Tokyo Metropolitan Government approved the land rights conversion plan for the Nishiazabu 3 Chome North-East District Redevelopment. This project will see a 54-story mixed-use high-rise built on a 1.6-hectare block across the street from Roppongi Hills.
Hotel Okura South Wing redevelopment to start in 2024
Construction of a 225-meter tall tower to replace the former Hotel Okura South Wing building in Roppongi will start in 2024, with completion scheduled for 2028.
Righa Royal Hotel to be sold to Canadian fund
Osaka’s Rihga Royal Hotel will be acquired by BentallGreenOak (BGO), a Canadian real estate investment firm. Although the price was not disclosed, it is estimated to be somewhere around 50 billion Yen (approx. US$385 million). Operations by Royal Hotel are expected to continue post-sale.
Japan's luxury hotel market emerges from pandemic pause
The chances of picking up prime hotel or resort asset deals in Japan may be over as the industry swings back into full gear.
Major developer, Mitsui Fudosan, has reported that its revenue from hotel operations has recovered to around 90% of pre-pandemic levels. Demand from tourists from North America and Europe has been particularly strong, making up for the decline in business trips.
35-story tower for Kyobashi
Tokyo Tatemono is planning a 35-story, 180-meter-tall high-rise for Kyobashi. Construction will start in 2025 with completion tentatively scheduled for 2029. A city planning decision was granted on January 13.