May 11, 2017 2:00 am JST

Japan's Tokyu Fudosan makes move into luxury hotels

Group acquires mountain getaway, plans beach resort in Okinawa

The Kyu Karuizawa Hotel is located in one of Japan's most famous mountain resorts.

TOKYO -- Japanese property group Tokyu Fudosan Holdings seeks to become a contender in the luxury hotel business, with locations in places such as Okinawa and the mountain resort of Karuizawa to attract inbound tourists.

In March, the Tokyo-based group bought the Kyu Karuizawa Hotel, a getaway operating in the old section of the alpine town since 1979, for an undisclosed amount from its foreign owner.

The midsize hotel, with about 50 rooms, takes in more than 35,000 yen ($310) per room on average. Tokyu Fudosan plans to directly manage the property, now run by an outside operator.

In Okinawa, the group is developing a beach resort together with NTT Urban Development and Oriental Land subsidiary Milial Resort Hotels. The resort, called the Hyatt Regency Seragaki Island Okinawa, is slated to open in summer 2018. Tokyu Fudosan envisions opening luxury hotels in other parts of the country as well.

Rival property groups are bolstering their own hotel businesses in Japan. Mitsubishi Estate plans to open three Royal Park Hotels in Tokyo, Kyoto and Osaka starting in 2018. Mitsui Fudosan looks to launch extended-stay Celestine Hotels in Kyoto, Tokyo's upscale Ginza district and elsewhere this fall.

(Nikkei)

Tokyu Fudosan Holdings Corp.

Japan

Market(Ticker): TKS(3289)
Sector:
Industry:
Finance
Real Estate Development
Market cap(USD): 3,883.82M
Shares: 640.83M

Mitsubishi Estate Co., Ltd.

Japan

Market(Ticker): TKS(8802)
Sector:
Industry:
Finance
Real Estate Development
Market cap(USD): 26,095.9M
Shares: 1,390.91M

Mitsui Fudosan Co., Ltd.

Japan

Market(Ticker): TKS(8801)
Sector:
Industry:
Finance
Real Estate Development
Market cap(USD): 23,718.1M
Shares: 991.42M

NTT Urban Development Corp.

Japan

Market(Ticker): TKS(8933)
Sector:
Industry:
Finance
Real Estate Development
Market cap(USD): 3,202.12M
Shares: 329.12M

Oriental Land Co., Ltd.

Japan

Market(Ticker): TKS(4661)
Sector:
Industry:
Consumer Services
Movies/Entertainment
Market cap(USD): 25,357.9M
Shares: 363.69M

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