Kyoto City is selling a 3,000 sqm site on the northern side of Nijo Castle to real estate developer Open House Co., Ltd. The developer is planning to open a low-rise hotel in 2024.
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Azumi Setoda ryokan to open in March 2021
A new hotelier has entered the boutique ryokan space in Japan, with their first project in the Setouchi Region to open in March 2021. Azumi Setoda is the first of the Azumi hotel projects – a hotel brand established by Adrian Zecha, founder of Aman, and Kyoto-based hospitality group Naru Developments.
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Kyoto’s hotels see conditions improve for fourth month
According to the Kyoto City Tourism Association, hotel occupancy rates are slowly on the rise as the historic former capital recovers from the coronavirus pandemic. Conditions have improved for the past four months, and Japanese guest numbers are close to 80% of what they were pre-pandemic.
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Waldorf Astoria to open first hotel in Japan in 2026
Waldorf Astoria Hotels & Resorts is opening Japan’s first Waldorf-branded hotel in Tokyo in 2026. The hotel will occupy the 39th ~ 47th floors within the Nihonbashi 1 Chome Central District Redevelopment.
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US$600million+ resort condo development for Niseko
Another week, another multi-billion Yen project announced for Niseko. Singapore-based Shenning Investments is developing a luxury Capella-branded resort in Niseko’s Hanazono district with a planned opening in 2024 ~ 2025. The total cost of the project has not been disclosed but some have estimated it to be over 70 billion Yen (approx. 664 million USD).
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Troubles continue for Japan’s hotel industry
Several bumper years of growth for Japan’s hotel and tourism industry were brought to a swift end this year as foreign tourists were locked out by international travel bans. Domestic tourism also remains sluggish despite some efforts by the government to subsidize travelers.
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Atami hotel project withdrawn
Tokyu Land has withdrawn plans for the development of a membership-hotel on city-owned land in the hot spring resort city of Atami, citing concerns over viability amidst the ongoing pandemic.
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Quick real estate news summary for the week
Prices of investment-grade condos on the rise, time-share offices as an alternative to co-working spaces, Okinawa hotels hit with cancellations following State of Emergency declaration, and Suruga Bank sees more share house loan cancellation requests. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Fundraising difficulties delay international luxury hotel in Utsunomiya City
Luxury Thai hotelier Dusit Thani has cited fundraising issues and uncertainty over inbound tourism as the reasons for the delay in the construction of a high-rise hotel planned for Utsunomiya City. Construction has been postponed until further notice while the developer looks for other hotel operators.
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Quick real estate news summary for the week
Hotel bankruptcies on the rise, office conversions to become a trend, and a planned hike in fire insurance premiums for homeowners. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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