Six hotels demand compensation from TEPCO
Six hotels in Akita Prefecture are seeking a total of 12.8 million Yen (166,000 USD) in compensation from TEPCO. The hotels claim that the nuclear power plant disaster has led to cancellations from foreign visitors, which has reduced their operating revenue.
The hotels are part of the Akita Prefecture Ryokan Association. The Association submitted the claim for compensation to TEPCO on their behalf. The claim by each hotel ranges from 120,000 to 5,200,000 Yen.Read more
Singaporean investment fund buys hotel in Okinawa
Singaporean investment fund RECAP (Real Estate Capital Asia Partners) has purchased the CSK Tsubogawa Hotel in Naha City, Okinawa, for an undisclosed sum.
The business hotel was scheduled to open in 2009 but the former owner, CSK Holdings, fell into financial difficulties. Although construction was complete, the hotel never opened. The former owner also built an office building on the adjoining site in 2009, which also remains empty.Read more
Hotel Suigo in Ibaraki to be demolished due to earthquake damage
The Suigo hotel in Tsuchiura City, Ibaraki, will be demolished after it sustained damage in the March 11 Tohoku earthquake. Suigo is a local government operated hotel which offers low-cost accommodation. These type of lodgings are called "kokumin shukusha".Read more
Foreign fund sells Sendai hotel
A business hotel developer and operator called Shogetsu Sangyo announced that they have purchased Hotel Hokke Club Sendai from a foreign fund.Read more
Prince Hotel Gamagori sold
Kuretakeso, a hotel and wedding hall developer based in Hamamatsu City, announced that they will be acquiring the Prince Hotel Gamagori from the Prince Hotel chain. The hotel will be handed over on March 30, 2012, and the name will be changed to Gamagori Classic Hotel. The hotel will be revamped as a resort hotel and will also be used for wedding ceremonies. The total investment, including renovations to the rooms, is estimated at 1 billion Yen.Read more
Niseko Kogen Hotel sold
Niseko Kogen Kanko, a subsidiary of Tokyu Land, announced that they will be selling the Niseko Kogen Hotel to an undisclosed buyer for just over 1 billion Yen. The buyer is said to be a fund based in Asia.
The Niseko Kogen Hotel will remain open until March, 2012, at which time the new buyer will take over the property. The hotel is aging, so it is expected that the new buyer will demolish and rebuild a high class international hotel on the site. The current 59 room, 4-storey hotel was built in 1975, and room rates start from 7,000 Yen/night (90 USD). In recent years, construction of new condominiums in the area have had a negative impact on the hotel's profitability. Read more
Palace Hotel set to reopen in May, 2012
The Palace Hotel reconstruction project is expected to be completed in 2012 with the "Palace Hotel Tokyo" scheduled to start accepting hotel guests from May 17, 2012. The new hotel will be 23 stories and will have 290 hotel rooms. The rooms start from 45 sqm in size (484 sqft), which is much larger than the typical Japanese hotel room.Read more