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Travel & Leisure

Imperial Hotel Tokyo makes $2.3bn bet to fend off overseas rivals

Cutthroat competition pushes venerated institution to greenlight pricey renovations

The Imperial Hotel in central Tokyo will be rebuilt to compete on a better footing with luxury overseas hotel brands opening new properties in the city.

TOKYO -- The famed Imperial Hotel Tokyo announced Thursday a makeover costing up to 250 billion yen ($2.29 billion), aiming to increase its post-pandemic appeal as luxury competitors rush into the Japanese capital.

But with a total budget five times the size of its operator's pre-coronavirus annual revenue, it could prove a risky bet as Japan's hospitality industry continues to reel from the coronavirus.

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