Quick real estate news summary for the week
UR acquires hotel in Harumi, LG sells office floor, and telework take-up sits at just 20%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Shimane hotel sells for 2,000 Yen (US$18)
The town of Tsuwano in Shimane Prefecture has purchased an abandoned hotel and land for 2,000 Yen (approx. US$18). The 50-year old building will be demolished with the grounds turned into a public park.
Six Senses to open in Niseko
A Six Senses resort is coming to Niseko in 2024 ~ 2025 (since pushed back to late 2026). On April 8, the Hokkaido Shimbun newspaper reported that IHG Hotels & Resorts is planning the luxury hotel for the Hirafu district.
More details announced for Shangri-La Kyoto hotel project
Developer Samty Co., Ltd. announced some additional details on Shangri-La Hotel’s plan to open a luxury, low-rise hotel in Kyoto.
Quick real estate news summary for the week
Shibuya office building sells for 6 billion Yen, Hilton to open in Miyakojima, Hankyu closes hotels, and Gifu and Mie both to see largest condo projects in history. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Business hotels performing the best in a bad situation
The onset of the pandemic and international travel bans in March 2020 saw occupancy rates in Japan’s hotels plummet. Resort hotels saw occupancy levels drop to just 3.3% during the State of Emergency in May 2020, while traditional ryokans weren’t far behind with 5.9% occupancy.
Imperial Hotel to be rebuilt after 2030
On March 16, the Yomiuri Shimbun newspaper reported that the Imperial Hotel in Tokyo is considering redeveloping their main hotel and neighboring office tower. This isn’t the first time rumors of redevelopment have been floated. Similar reports came out in early 2018 and late 2019.