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Mitsubishi Estate plans budget hotels to court tourists

A rendering of Mitsubishi Estate's Osaka budget hotel set to open December 2017.

TOKYO -- Mitsubishi Estate will jump into the budget hotel business with three locations set to open in Osaka and Tokyo by fiscal 2018, looking to profit from heavy lodging demand by tourism from abroad.

The developer will spend a total of 15 billion yen ($147 million) on the three projects. Outside hotel operators will run the properties under various brands. Rooms are seen going for around 10,000 yen per night.

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