Luxury hotel in Sapporo now a casualty of rising construction costs
Plans for a luxury hotel to crown the top of a high-rise project in front of Sapporo Station in Hokkaido have been scrapped due to rapidly rising construction costs. The upper floors will, instead, be office space to cater to the high demand from office tenants in central Sapporo.Read more
New high-rise development announced for west side of Shinagawa Station
On August 29, Keikyu Corporation and East Japan Railway Company released details on the Shinagawa Station District Redevelopment Project that will see three buildings on a 3.3 hectare site on the western side of the station.Read more
Apartment-hotel sells for 69 million Yen per key
Daiwa House REIT Investment Corporation has acquired the trust beneficiary rights to a 74-room hotel in Tokyo for 5.114 billion Yen (approx. US$35 million). The appraised NOI yield was 4.0% (3.5% after depreciation).Read more
Himeji hotel sells at 3.2 billion Yen loss
A hotel in Himeji has sold at a 3.2 billion Yen (US$22 million) loss based on book value last month as the struggles with nearby competition and the pandemic saw the seller seek to offload it before its value worsened further.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
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
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
Invincible to acquire six hotels for 57 billion Yen
Invincible Investment Corporation is acquiring six hotels and resorts across Japan for 57.23 billion Yen (US$410.5 million). The hotels contain a total of 1,027 rooms, and provide an estimated NOI of 5.9%.Read more
Caption by Hyatt to open in Nihonbashi
Nihonbashi’s ‘Wall Street’ will see a new hotel in the coming years, with the Caption by Hyatt Kabutocho Tokyo set to open in 2025. The 195-room hotel is being developed by Heiwa Real Estate, a major landlord in the Nihonbashi-Kabutocho neighborhood.Read more