Properties we have sourced last month
This is a brief summary of some of the off-market properties we have sourced for clients over the past month. Supply remains thin, but we did unearth some good options.Read more
Historic Hilltop Hotel to close next year
On October 23, the operator of the historic Hilltop Hotel in Tokyo’s Chiyoda ward announced it will temporarily close from February 2024. The closure is to allow them to consider possible measures to deal wth the building’s age and deterioration.Read more
170m tall tower for north side of Iidabashi Station
Details of a 170-meter tall mixed-use project near Iidabashi Station have been announced. Construction of the Koraku 2 Chome South District Redevelopment is scheduled to start in 2026, with completion by 2030 ~ 2031.Read more
Hyatt House opening Shibuya property next February
The Hyatt House brand of extended-stay hotels is coming to Tokyo next February with the opening of the Hyatt House Shibuya Tokyo. This is the second Hyatt House in Japan - the first opened in Kanazawa in 2020.Read more
Kengo Kuma-designed luxury apartment and retail building opens tomorrow
Forestgate Daikanyama, a mixed-use office, retail and residential complex near Daikanyama Station officially opens its doors tomorrow. The 10-story building includes retail and office on the first three floors, and 57 luxury apartments on floors four through ten.Read more
Modernist theatre demolition delayed due to rising construction costs
Rising construction costs might have granted the National Theatre an inadvertent temporary reprieve of demolition. The 57-year old modernist building was scheduled to meet with the wrecking ball sometime after the end of October.Read more
Foreign tourists are back and hotels are seeing record-high revenues
Despite the scorching summer temperatures, foreign tourists returned to Japan in droves in August and hotels are the first to benefit. The Nikkei Shimbun newspaper reported in early September that hotels in central Tokyo are seeing ADRs that are 30% higher than pre-pandemic levels, and the rate of increase has exceeded that of New York. The Palace Hotel Tokyo’s ADR has exceeded 100,000 Yen for the first time. Some city hotels in Osaka have seen their ADR increase by as much as 30% since the beginning of the year and over 100% from early 2022.