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Business

Room-rental boom hits Japan hotel rates over Lunar New Year

Big-city hotels cut prices to lure back foreign tourists

The Hotel New Hankyu Osaka cut average room rates by nearly 20% over the Lunar New Year holiday.

OSAKA -- Average prices at Tokyo and Osaka hotels during the Lunar New Year holiday slumped sharply this year despite a continued rise in visitors to Japan, probably due to the growing popularity of short-term home rentals as an alternative.

Average daily rates in Tokyo between Jan. 27 and Thursday fell 13% on the year to 10,657 yen ($95.39) per night, according to yoyaQ.com, a reservation website run by Kakaku.com. The decline was even more pronounced in Osaka, where the average tumbled 26% to 10,193 yen.

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