Restauranteur planning big expansion into luxury hotel business
Hiramatsu, a famous French and Italian restauranteur, announced bold plans for their newly created hotel brand.
In July, they opened The Hiramatsu Hotels & Resorts Kashikojima in Mie Prefecture. The small-luxury resort has just 8 guest suites and is targeted towards wealthy individuals with a net worth of over 100 million Yen. Room rates, which include meals prepared by renowned chefs, range from 65,000 ~ 80,000 Yen/night (640 ~ 790 USD) per person. The hotel was fully booked for the months of July and August, and reservations for 2017 are already starting to fill up. Currently the restaurant in the resort is only open to hotel guests, although they are considering opening it up to non-guest bookings.Read more
Old Atami hotel sold to Tokyo-based hotelier
Ooedo-Onsen-Monogatari Co., Ltd. acquired Hotel Mizuhatei in Atami City on September 12 for an undisclosed sum. The 11-storey hotel is located alongside the No. 135 National Highway and overlooks Sagami Bay.Read more
Abandoned Maya Hotel may soon be open to the public
Closed and off-limits to the public for the past 23 years, the overgrown and abandoned Maya Kanko Hotel overlooking Kobe City may soon be accessible on guided tours. Local groups have obtained permission from the property owner and are in the process of preparing hiking trips.
The art deco hotel was built atop Mt. Maya in 1929 by the Maya Cablecar Company. It was originally called Maya Club and was developed in conjunction with the company’s cable car line. The four-storey hotel offered sweeping views over the city and bay below.Read more
Declining yields sought by investors are pushing up property prices
In late 2013, Masayoshi Son, CEO of SoftBank, purchased the Kengo Kuma-designed Tiffany Ginza Building for 32 billion Yen, resulting in a cap rate of just 2.6%. This sale arguably triggered the onset of lower cap rates. Back in 2006, Japan’s REITs had expected returns in the 2% range. They had increased to the 4% range by early 2013, but are now back to the 2 ~ 3% range.Read more
Kyoto may relax local hotel laws
On August 31, Kyoto City released a draft plan for potentially relaxing hotel laws in the city. With record tourist numbers, the city is anticipating a need for 6,000 additional beds by 2020. If approved, the relaxed rules could possibly allow hotels in zones where they were previously prohibited, provided strict obligations are met.
In 2015, the city welcomed 3.16 million foreign tourists to its hotels and is expecting this number to reach 4.4 million in 2020. To cater to the increase in both foreign and domestic visitors, 10,000 beds would be required. Hotels with 4,000 beds are already planned or under construction in the city.Read more
Atami loses two hotels in August
Two reasonably large hotels in the beachside hot spring resort area of Atami in Shizuoka Prefecture closed their doors last month.
Atami Korakuen Hotel Misaki-kan Annex
Atami Korakuen Hotel closed their Misaki-kan annex building last month, ending 65 years of operations. The hotel will continue to operate in their newer building next-door, while the former annex building will be demolished and replaced with new facilities in time for the 2020 Tokyo Olympics.Read more
Historic Rokkosan Hotel sold to car importer
The 87-year old Rokkosan Hotel in Hyogo Prefecture has been sold to Osaka-based car importer Hakko Group for an undisclosed price. The sale includes the land and both the historic hotel and the adjacent, newer 45-room hotel building. This is the first hotel acquisition for the company. They plan to preserve the historic building and possibly re-open it next year. The newer building next-door will be demolished and replaced with new accommodation as well as multi-purpose hall facilities. In the meantime the hotel will continue to be operated by Hankyu Hanshin Hotels.Read more