
Construction of a 225-meter tall tower to replace the former Hotel Okura South Wing building in Roppongi will start in 2024, with completion scheduled for 2028.
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Construction of a 225-meter tall tower to replace the former Hotel Okura South Wing building in Roppongi will start in 2024, with completion scheduled for 2028.
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Osaka’s Rihga Royal Hotel will be acquired by BentallGreenOak (BGO), a Canadian real estate investment firm. Although the price was not disclosed, it is estimated to be somewhere around 50 billion Yen (approx. US$385 million). Operations by Royal Hotel are expected to continue post-sale.
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The chances of picking up prime hotel or resort asset deals in Japan may be over as the industry swings back into full gear.
Major developer, Mitsui Fudosan, has reported that its revenue from hotel operations has recovered to around 90% of pre-pandemic levels. Demand from tourists from North America and Europe has been particularly strong, making up for the decline in business trips.
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ORIX Real Estate Corporation is developing a luxury ryokan in Atami’s Izusan district, with the hotel scheduled to open next winter. Atami Izusan Karaku sits on a 6,100 sqm site overlooking Sagami Bay and a 7-minute drive from Atami Station.
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On December 16, Acao Spa & Resort announced plans for a 16 billion Yen (US$117 million) oceanfront luxury resort and artist colony in Atami.
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Investors are expecting lower rental yields from office and residential assets in Tokyo. According to the Japan Real Estate Institute’s investors survey published on November 2022, the expected rental yield on Class A office space in Tokyo’s Marunouchi and Otemachi district was 3.2% as of October 2022, down from a 3.3% expected yield in April.
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On December 8, Daiwa House Industry announced the sale of its resort hotel business to G.K. Ebisu Resort. The sale price of the shares was 55.6 billion Yen (approx. US$407 million).
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The landmark Hotel New Akao in Atami has been sold to Shirakami, an affiliated company of Fortress Investment Group. The sale is for Hotel Acao Annex (former Hotel New Akao) and Hotel Acao (former Royal Wing) and approximately 7% of Acao Spa & Resort’s landholdings.
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On November 8, developers Mitsubishi Estate and Tokyo Century Corporation announced that Dorchester Collection will be operating an ultra-luxury hotel in the 390-meter tall Torch Tower near Tokyo Station. The hotelier is owned by the Brunei Investment Agency and operates The Beverly Hills Hotel, Plaza Athénée in Paris, and The Dorchester in London, to name a few.
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The Mandarin Oriental Hotel Group is planning to open a new hotel in Takamatsu City, according to Kyodo News. The opening is scheduled to coincide with the 2025 World Exposition to be held in Osaka.
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