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
Hotel acquisition targets semiconductor factory staff
Kyoritsu Maintenance, an operator of hotels, aged-care, and student accommodations, is planning to acquire a 68-room resort hotel from Minamiaso Village in Kumamoto. The goal behind the purchase is to provide a hotel targeting the staff and family of the new semiconductor factories being built nearby.Read more
Domestic developer making moves in condo-hotel market
Daiwa House Industry plans to enter Japan’s relatively untapped hotel-condo market by 2026, according to the Nikkei Shimbun newspaper.Read more