Business confidence returns to hotel operators as travel spending exceeds pre-pandemic level
Domestic travel spending by Japanese travellers saw a 14.8% increase in 2023 compared to the pre-pandemic level in 2019. According to the Japan Tourism Agency (JTA), travellers spent an average of 63,212 Yen per person.Read more
Luxury apartments and hotel planned for Yokohama high-rise
A high-rise tower containing luxury rental apartments and an internationally-branded hotel is set to open in Yokohama in 2027. On April 10, Sumitomo Realty & Development announced details of what’s planned to go in its 40-story mixed-use project located in the Kitanaka district near Bashamichi Station.Read more
Tsukiji Fish Market redevelopment proposal announced last week
The proposed redevelopment plan for the old Tsukiji Fish Market site in Tokyo was announced last week by the Tokyo Metropolitan Government. Mitsui Fudosan has been selected to lead a group of 11 project participants.Read more
Developer aims to fill gap in group-stay and long-term hotel market
Just 4% of the hotels in Japan’s major cities have rooms that can accommodate three or more guests. Meanwhile, approximately half of the foreign travelers visiting Japan are coming in groups of three or more. Only a small number of hotel developers have picked up on this mismatch.Read more
Hiramatsu hotel portfolio sold to fund
On March 27, LoadStar Capital announced the formation of a special purpose company to acquire six luxury hotels from restaurant operator Hiramatsu and real estate developer NTT Urban Development Corporation.Read more
Nozawa Onsen’s housing shortage
A shortage of housing in Nozawa Onsen is creating headaches for new residents. The bustling hot spring and ski resort village had entered into a decline in the 1990s and 2000s as the domestic ski boom waned, but has seen a recovery since the 2010s as foreigners descended on the mountainous destination, opening up tourism and accommodation businesses.Read more
Japan’s hotel rates reach record high in December
Last December, the average room rate for a hotel in Japan was 21,102 Yen, up 8.2% from November and the first time in the 2000s that it has exceeded 20,000 Yen, according to industry tracker STR. The nationwide average is being pulled up by hotels in Tokyo, Osaka, Nagoya and Hokkaido, as inbound visitors show a remarkable return.Read more