Tokyo luxury hotel rates soar faster than New York, London

Prices up 30% from before pandemic as weak yen draws in foreign tourists

20230901N Palace Hotel Tokyo suite

Palace Hotel Tokyo increased its number of high-end suites during the pandemic to increase average spending per customer. (Photo courtesy of Palace Hotel Tokyo)

AKINORI KAMATA, MAI KITAGAWA and KAI ISHIZAKI, Nikkei staff writers

TOKYO -- Tokyo hotel rates are rising faster than in New York or London, driven by foreign tourists looking to take advantage of a weak yen.

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