Shibuya Upper West Project Details Released
On July 21, Tokyu Corporation and L Catterton Real Estate (a US-based investment company) released details of their planned redevelopment of the Tokyu Department Store in Shibuya. The joint venture will see a 164.8-meter tall mixed-use high-rise containing retail, a small luxury hotel, and high-grade rental apartments.
Capella Kyoto to open in 2025
On July 5, NTT Urban Development Corporation announced a management agreement with Capella Hotels & Resorts to open Capella Kyoto in the Higashiyama district.
Seibu confirms hotel portfolio sale to GIC
On June 30, Seibu Holdings confirmed that it would be selling 31 of its hotel and golf facilities to an affiliate of Singaporean sovereign wealth fund GIC. The sale price is 147.1 billion Yen (approx. US$1.09 billion thanks to a historically cheap Yen), with Seibu posting an 80 billion Yen gain on the sale.
Hyatt to open in Sapporo
On June 28, NTT Urban Development announced that Hyatt Hotels Corporation will by opening the Hyatt Centric Sapporo in NTT’s Sapporo Kita 1 Nishi 5 Project.
Mori Trust acquires hotel development site in Gion
On May 1, real estate developer Mori Trust announced the acquisition of 2,300 sqm of land in Kyoto’s Gion district with the aim of creating a luxury hotel of an international standard.
Osaka Marubiru to be demolished
The circular Osaka Marubiru office tower in Umeda will be redeveloped, with construction set to start next year.
Meguro Gajoen back on the market
On May 11, the Toyo Keizai Online publication reported that China’s sovereign wealth fund is considering the sale of the landmark Meguro Gajoen hotel and office property in Tokyo.