Office Building in Tokyo’s Busiest Commercial Area Becomes Internationally-Branded Hotel
- May 13, 2016
Tokyo—Pacifica Capital K.K., a Tokyo-based commercial real estate developer, announced it will serve as asset manager for the conversion of Kinshicho Mark, an office building situated in a central area of Japan’s capital city, into an internationally-branded three-star hotel. The 10-story facility will have more than 200 guest rooms, with sizes ranging from 194 to over 300 square feet, and it will also offer food, beverage and fitness amenities.
“The market for internationally-branded limited service hotels is virtually untapped in Japan, so we have high expectations for this project. With a huge shortage of land ready for development, we believe conversion of existing buildings such as offices is an attractive way to open more hotels faster to serve the needs of this growing market”, said President & CEO of Pacifica Capital K.K. Seth Sulkin.
The new hotel is located at 3-5-2 Kotobashi, Sumida-ku, a busy commercial area in central Tokyo, within walking distance from major train stations and close to well-known sights such as Asakusa and Tokyo Sky Tree. The location also offers convenient access to Haneda and Narita airports as well as Tokyo Disneyland. The facility is slated to welcome its first guest in the summer of 2017.
The new three-star hotel will address Japan’s growing number of inbound tourists. Last year, the country registered a record-breaking 20 million international visitors, most of them coming from Asia. The Tokyo Olympics, set for 2020, have determined the government to double its inbound visitor target to 40 million, while hotel occupancy in the city is approaching 90 percent. All things considered, Pacifica expects high demand for this property soon after opening.
Image via Wikimedia