Demolition starts on 56-yr old building in Akasaka
Demolition of the 56-year old Sankaido Building near the US Embassy will start this month. The building is making way for a new redevelopment project by Norin Suisan Shoreikai and construction giant Kajima Corporation.Read more
30 billion Yen hotel project planned for Kanazawa golf course
A members-only hotel may be in the works for Golf Club Kanazawa Links in Amagasaki Hamamachi. Nagoya-based Resorttrust, a nationwide hotel and golf course developer and operator, acquired partial ownership in the course operator and plans to invest around 30 billion Yen to develop a hotel within the grounds.Read more
Osaka office building sells at 3.5% cap rate
A 13-story office building in Osaka has been acquired by a J-REIT for 17.215 billion Yen (approx. US$121 million). Japan Real Estate Investment Corporation purchased Forecast Sakaisuji Hommachi on August 1 with delivery to take place by the end of the month. The seller was not named.Read more
10 billion Yen hotel demolished in Hamamatsu
A hotel that was built at a cost of 10 billion Yen during the bubble era in the 1980s has been demolished. This was around US$70 million in those days, using the currency conversion rate in 1987 of 1 USD : 144 Yen.Read more
Star Asia to acquire 11 assets for 49.1 billion Yen
Star Asia Investment Corporation is acquiring seven hotels and four apartment buildings across Japan for 49.1 billion Yen (approx. US$343 million). The appraised cap rate is 4.8%.Read more
MUJI converts 100-yr old farmhouse into holiday rental
Home goods retailer MUJI’s operating company Ryohin Keikaku has converted a traditional kominka farmhouse into a short-term stay. Muji Base Kamogawa is the first of the Muji Base-branded accommodations targeting vacant ‘akiya’ and can be found on AirBnb.Read more
Aldo Rossi-designed hotel sold
A long-closed Aldo Rossi-designed hotel in Osaka has been sold. According to the Nikkei Real Estate Market Report, Sumitomo Mitsui Trust Panasonic Finance acquired the closed hotel late last year.Read more