Pacifica Capital plans branded hotel for central Tokyo


Japan-based commercial real estate developer Pacifica Capital K.K. has been appointed as asset manager for the conversion of The Kinshicho Mark Building in central Tokyo (currently used for offices) to an internationally branded hotel.

The hotel is slated to open in summer 2017 and will have more than 200 rooms.

In 2015, international visitors to Japan grew by almost 50 percent to a record of almost 20 million, about two-thirds of whom came from Asia. With the Tokyo Olympics approaching in four years, the Japanese government recently doubled its 2020 inbound visitor target to 40 million people. 


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Beyond the expected influx of visitors, Tokyo hotels are already running at close to 90 percent occupancy, while new supply is limited. “The market for internationally branded limited-service hotels is virtually untapped in Japan, so we have high expectations for this project,” Seth Sulkin, president & CEO of Pacifica Capital K.K., said in a statement. “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.”


Suggested Articles

In 2020, Hotel Management is spotlighting hotel operators from all corners of the U.S. This installment focuses on companies based in the South.

Driftwood Capital plans to open the 198-room Canopy by Hilton Tempe (Ariz.) Downtown early this spring.

Tye Turman, who is leaving Marriott International after more than 30 years, will take the reins of the San Antonio-based company March 1.