Hakuba’s hotel shortage may hinder tourism potential
The rise in inbound tourism is outpacing Hakuba’s supply of hotels, leading to a shortage of beds this ski season. Hotels opened up their winter reservations a month earlier this year and were quickly inundated with bookings from international guests. Many of the village’s hotels are now fully booked for this upcoming season.Read more
REIT disposes of office buildings in Osaka and Tokyo
KDX Realty Investment Corporation sold two office buildings in Osaka and Tokyo this month, one of which sold for 14% less than its book value. The buyers were domestic corporations.Read more
Development Bank sets up minpaku fund
Some countries and international cities may be banning Airbnb-style accommodation in an attempt to alleviate a housing crisis, but not Japan. With inbound tourism expanding, the government-owned Development Bank of Japan has established a real estate fund to invest in ‘minpaku’ or Airbnb-style short-term accommodation in Japan. This is the first domestic bank to establish this initiative.Read more
Sapporo skyscraper to shrink as project costs skyrocket
The Hokkaido Railway Company (aka JR Hokkaido) is revising its plans for a skyscraper in front of Sapporo Station. Rising construction costs have seen the estimated project budget to reach the mid-300 billion Yen (US$2 billion) range, 100 billion Yen more than anticipated.Read more
Akasaka Garden City sells for 54.6 billion Yen
Sekisui House Reit is selling its share in Akasaka Garden City to an unnamed domestic special purpose company for 54.6 billion Yen (approx. US$365 million).Read more
Share of Kinshicho office tower to sell for 18.5 billion Yen
Global One Real Estate Investment Corp. is selling its ownership share in the 22-story Arca Central office building in Kinshicho for 18.5 billion Yen (approx. US$124 million). The buyer has not been publicly disclosed.Read more
Site near Hakuba ski slopes sells for 1.5 billion Yen
Mitsubishi Estate and Shimizu Corporation are acquiring a 19,000 m2 site near the Hakuba Iwatake Mountain Resort ski fields for 1.5 billion Yen (approx. US$10 million).Read more