Itochu Corporation once again into hotel business with boom in tourism

Published on : Wednesday, July 19, 2017

indexFirst ever in twenty-two years, Itochu Corporation is into hotel development in Japan. It will oversee on behalf of Kintetsu Group Holdings, the entire planning and construction of the said project.

As more and more international visitors pour into Japan, companies of different sectors are keen constructing new hotels and fortifying the hotel sector as well. Formerly, trading companies managed hotels. But now, it has decided to develop more properties in achieving profit.

Close to the new Yamanote Line station, a 200-room hotel will be built on lease between Tamachi and Shinagawa. Approximately 1 billion yen equals $8.93 million at current rates have been estimated for the project scheduled to get completed in the autumn of 2018. Later, the hotel would then be sold to a leasing company which will eventually help Itochu to recuperate its expenses. Itochu Property Development has undertaken the project.

Kintetsu Miyako Hotels International will rent the property. They will manage the hotel focusing on business travelers and foreign tourists. The new Shinagawa station is scheduled to open in 2020.

In 1996, Itochu had constructed Hotel Nikko Tokyo. The hotel was co-owned with Japan Airlines underwent failing economic condition, compelling Itochu to sell its stake in the year 2007. At present, the hotel functions and as Hilton Tokyo Odaiba.

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