REIT acquires minpaku building in Osaka
A REIT has acquired a ‘minpaku’ or short-term accommodation-registered apartment building in Osaka from its sponsor for approximately 2.5 billion Yen (US$16 million). The acquisition price works out to around 37 million Yen per key.Read more
Malaysian developer backs out of Okinawa resort project
Rising construction costs were cited for the recent withdrawal from a beachfront resort project in Okinawa by a Malaysian developer.Read more
Fukui opening up waterfront sites to bids from hotel developers
Fukui Prefecture has launched a project to attract luxury hotel and auberge developers to its scenic Wakasa Bay resort area.Read more
ADR for Kyoto hotels hits record high in 2024
Hotel occupancy rates in Kyoto may have yet to recover to 2019 levels, but ADRs have reached new highs. The Kyoto City Tourism Association reported an average occupancy rate of 78.5% for the city’s main hotels in 2024, up 5.1 points from 2023 but still 2.8 points below the 2019 average.Read more
Hotelier buys historic ryokan in hot spring town
A hotelier has acquired a historic hot spring ryokan in Kyushu’s Obama onsen district with plans to restore it.Read more
Resort operator wins bid for Tomonoura island hotel
Fukuyama City in Hiroshima has selected Hoshino Resorts as the operator of a luxury hotel planned for a beachfront site. This will be the operator’s first foray into Hiroshima Prefecture.Read more
REIT acquires Hilton Fukuoka Sea Hawk for 64 billion Yen
On January 24, Japan Hotel Reit announced the purchase of the Hilton Fukuoka Sea Hawk Hotel from ML Estate for 64.35 billion Yen (approx. US$412 million). This was 10% below the appraised value.Read more