Japan hotel bankruptcies top 25 in April
According to Tokyo Shoko Research, there were 25 bankruptcies in the hotel industry in the month of April. 60% of those were said to be directly related to the impacts of the coronavirus pandemic. This is a steep increase from the 2 bankruptcies reported in April 2019, and not far from the record high of 29 seen in May 2011 (following the Tohoku disaster).
Japan’s largest hotel to house coronavirus patients
On April 10, hotelier APA Hotels & Resorts announced that the APA Hotel & Resort Yokohama Bay Tower will be leased out to Kanagawa Prefecture provide beds for coronavirus patients with light or no symptoms. The 37-story hotel is located on the Yokohama waterfront. With 2,311 rooms, it is the largest hotel in Japan based on room count.
Airbnb hosts leaving in droves as coronavirus cancellations pile up
Short-term ‘minpaku’ accommodation hosts are starting to exit the short-term letting market. As of April 2020, the number of hosts that de-registered their properties topped 4,100 since the registration system was introduced in mid-2018. There are currently 25,000 registered minpaku properties across Japan.
Ueno hotel closes in order to preserve historic home
At the end of May, a historic ryokan founded around the former home of novelist Ogai Mori will shut its doors after 80 years of operations. The hotel has suffered from a spate of cancellations for both its rooms and restaurant as a result of the novel coronavirus outbreak and is unable to continue to remain open.
Tsukiji machiya demolished
The traditional machiya-style townhouse in Tsukiji we featured back in February 2019 when it was listed for sale, has, sadly, been demolished. It will be replaced with a 5-story hotel covering the adjoining vacant lots. Completion is scheduled for February 2021.
Research firm releases early Corona-Shock report on Japan’s hotel industry
Tokyo Shoko Research released a report on March 18 on the current impacts the coronavirus is having on Japan’s hotel industry. We are only two months into the crisis and listed companies are one-by-one lowering their earnings estimates for the year.
Kamiyacho Trust Tower reaches completion
The 180-meter, 38-story Kamiyacho Trust Tower building reached completion on March 16. This high-rise mixed-use tower forms part of the 1.6 hectare Tokyo World Gate complex in Tokyo’s Toranomon district.