As Golden Week 2026 (April 29 to May 6) approaches, hotel pricing across six major cities has shifted significantly compared to the same period last year. Based on aggregated publicly available OTA pricing data, monthly ADR (average daily rate) for April and May rose sharply—up approximately 18–20% year-on-year in Kyoto and 14–17% in Tokyo. However, when focusing specifically on the Golden Week period, notable differences in performance across cities become increasingly apparent. This article analyzes real data from six cities through three key lenses: inbound travel trends, domestic demand, and REIT operational dynamics.
ADR and Year-on-Year Changes Across Six Cities During Golden Week
First, we examine ADR across six cities based on check-in dates during the core Golden Week period (April 29 to May 6, eight nights). Kyoto recorded the highest rates at ¥48,900, followed by Okinawa at ¥47,000 and Tokyo at ¥41,300.
In year-on-year terms, Okinawa saw the largest increase at +13.3%, followed by Hokkaido (+9.7%), Fukuoka (+9.2%), and Kyoto (+7.1%). In contrast, Tokyo posted a more modest gain of +4.0%, while Osaka recorded a notable decline of -11.3%, highlighting a clear divergence among cities.
In contrast, when looking beyond the Golden Week period and examining monthly ADR for April and May, the year-on-year increases are even more pronounced. Kyoto recorded gains of +18.6% in April and +20.4% in May, while Tokyo rose by +17.4% to +14.2%, and Hokkaido by +11.2% to +13.1%.
This suggests that the surge in demand is not limited to the holiday period itself. Rather, the relative impact of Golden Week-specific demand has weakened compared to the broader expansion of baseline demand. In other words, the primary driver behind rising ADR appears to be a structural uplift in demand throughout the year.
Monthly ADR Trends and Seasonality Across Six Cities
Next, we take a broader view of monthly ADR trends across the six cities from January 2024 through June 2026. All cities show a clear upward trajectory, with particularly strong growth observed in Kyoto and Tokyo.
In Kyoto, ADR rose from a peak of ¥39,474 in April 2024 to ¥50,277 in April 2026—an increase of approximately 27% over two years.
What stands out in the chart is the pronounced increase in ADR during the winter months (November–December) in cities with a high reliance on inbound demand, such as Kyoto and Tokyo. This indicates that periods traditionally considered the “off-season” are becoming more balanced, driven by a growing influx of mid- to long-haul travelers from Europe, the United States, and Australia.
In contrast, Hokkaido shows a more noticeable rise from the summer of 2025 onward, reflecting demand growth that remains closely aligned with its seasonal travel patterns.
Factor 1: Inbound Visitor Numbers Remain at Record Levels
The primary driver behind rising hotel prices continues to be strong inbound demand. According to the Japan National Tourism Organization (JNTO), the number of international visitors to Japan reached approximately 3.47 million in February 2026, marking a record high for the month and representing a +6.4% increase year-on-year.
By market, 18 source countries and regions—including South Korea, Taiwan, and the United States—set new February records. Despite the shift in the Lunar New Year (Spring Festival) period from late January in 2025 to mid-February in 2026, overall inbound demand remained resilient, highlighting the growing depth of Japan’s inbound market.
It is worth noting that January 2026 saw a -4.9% year-on-year decline in visitor numbers, the first contraction in four years. This was largely driven by a significant drop in arrivals from China. In contrast, South Korea recorded over 1.1 million visitors in a single month for the first time, underscoring the strength of other markets.
Taken together, the stability in overall inbound volume, along with increasing diversification across source markets, is contributing to sustained demand growth for hotels across the six cities.
