Tokyo-based Orix Real Estate Corporation has acquired the Hotel Banso, in Yunokawa-onsen, Hakodate City, Hokkaido.
The Hotel Banso is a Japanese hot spring inn facility that has one of the largest baths in the Yunokawa-onsen area.
This acquisition is the first venture by Orix Real Estate into Japanese inns in Hokkaido, and is timed to capitalize on the Hokkaido Shinkansen, which will begin in late March and is expected to attract a large number of international visitors to the city.
The company is reportedly considering a total refurbishment of the facility.
In September, Bloomberg noted the rise in interest in Japan's smaller cities. The Hoshino Resort Co. President Yoshiharu Hoshino said at the time that the 109-year-old company would like to expand into places like Hakodate in the Hokkaido prefecture; Sendai, north of Tokyo; and the western city of Kobe.