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.
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.”