Japanese hotel firm Hoshino Resorts is partnering with Risa Partners in a 10 billion Japanese yen ($92.3 million) to attract hotel investors and shore up domestic hotels that have been affected by coronavirus and the delay of the 2020 Tokyo Olympics.
June 2, 2020--Hoshino Resorts Co., Ltd. (hereinafter called “Hoshino Resorts”) and RISA Partners, Inc. (hereinafter called “RISA”) has partnered for the establishment of “Hotel Ryokan Fund” (tentative) for accommodations in Japan and has formed a joint venture, H&R Asset Solutions Co., Ltd.
The global outbreak of novel coronavirus has brought and is continuing to bring excessive loss to the Japanese tourism and hotel industry. It is believed that the demand for international travel to hotels and ryokans (traditional Japanese inn) in Japan will take years of recovery.
Through the acquisition of property, this fund aims to provide a succession of business, assistance in the transfer of business, and ways of fundraising for hotel and ryokan operators that are facing a serious loss of demand. Hoshino Resorts will operate the property or aid in management if necessary.
Both Hoshino Resorts and RISA will strive to support Japanese hotels and ryokans through the management of a business in the hopes of the tourism and hotel industry to recover from the effects of novel coronavirus as soon as possible.
The total amount of funds is planned to be 10 billion yen and is scheduled to be formed in the summer of 2020 so domestic institutional investors, etc. will soon be called for investments.
The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editorial Director Stephanie Ricca at firstname.lastname@example.org.