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.

YOSHIHIRO HARA and YUTO MIYAWAKI, Nikkei staff writers

March 26, 2021 12:41 JST

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.