Within the scope tracked by MetroEngines Research, 1,760 lodging facilities were confirmed to have opened in Japan in 2026 (1,749 with known room counts, totaling 42,088 rooms). By property count, nearly half are vacation rentals; by room count, half are business hotels — the leading segment flips depending on the measure. Nowhere is this “property-count vs. room-count divergence” more concentrated than in the Mt. Fuji area. Treating Fujikawaguchiko Town, Yamanakako Village and Narusawa Village in Yamanashi Prefecture, plus Gotemba City, Fujinomiya City and Susono City in Shizuoka Prefecture, as a single market, we count 142 new openings with 984 rooms since 2023, including 35 properties and 266 rooms added in 2026 alone. This article zooms from the national picture into the Mt. Fuji area and examines, from an investor’s perspective, how supply with extremely small room counts per property coexists with estimated settled ADR at the municipal level.

National Picture — 48% of Properties Are Vacation Rentals, 50% of Rooms Are Business Hotels

Let us first establish the national picture for 2026. Within the scope tracked by MetroEngines Research, 1,760 lodging facilities were confirmed to have opened between January and December 2026; the 1,749 with known room counts total 42,088 rooms, an average of 24 rooms per property. The largest is a 750-room resort hotel. Monthly openings peak at the start of each quarter — 252 in January, 231 in April and 222 in July — and then thin sharply from October onward to 48, 14 and 24. This “thinning,” however, reflects an observation lag, since OTA listings often appear only shortly before opening, rather than a slowdown in supply; these figures should be read as numbers that will accumulate over time.

By segment, vacation rentals dominate the property count. They account for 842 properties, or 47.8% of the total, followed by business hotels at 213 (12.1%), hostels at 136 (7.7%) and resort hotels at 102 (5.8%). Re-ranked by room count, however, the picture reverses. The 842 vacation rentals total just 1,389 rooms, or 3.3% of the total, while 213 business hotels account for half with 20,979 rooms (49.8%), followed by resort hotels with 7,650 rooms (18.2%) and city hotels with 5,725 rooms (13.6%). Average rooms per property differ by two orders of magnitude: 1.6 for vacation rentals versus 98.5 for business hotels and 112.3 for city hotels. For the national breakdown of this “different leaders by property count and room count” structure by segment and prefecture, see Whole-Unit Rentals Are 48% of 1,414 New Openings but 3% of Rooms.

Source: MetroEngines Research & Consulting (OTA listing confirmation basis, 2026 openings, N=1,749 properties with known room counts)

The same structure shows up in the distribution of property size. Of the 1,749 properties with known room counts, 873 (49.9%) have a single room and 1,100 (62.9%) have five rooms or fewer, while only 139 (7.9%) have 100 rooms or more. Yet those 139 properties total 27,208 rooms, or 64.6% of the total. In other words, 2026’s new supply has a two-tier structure: “a swarm of small properties by count, a few large hotels by rooms.” Prefecture rankings reflect the same divergence. By property count the order is Hokkaido 169, Tokyo 107, Shizuoka 98, Okinawa 97 and Kyoto 94, but by room count Osaka leads with 3,387 rooms (51 properties, 14th by count), followed by Hokkaido 3,029, Tokyo 2,978 and Okinawa 2,935. Shizuoka ranks 3rd by property count but 13th by rooms (1,150), and Yamanashi ranks 9th by count (63 properties) but 30th by rooms (460) — both prefectures surrounding Mt. Fuji are textbook cases of “high by count, low by rooms.”

Source: MetroEngines Research & Consulting (OTA listing confirmation basis, 2026 openings, N=1,749 properties). Share denominators are 1,760 properties and 42,088 rooms

Zooming in on the Mt. Fuji Area — 142 Properties and 984 Rooms in 4 Years Across 6 Municipalities; 35 Properties and 266 Rooms in 2026

Next, we carve out the Mt. Fuji area — which is pushing up property counts in both Shizuoka and Yamanashi — as a single market. It covers six municipalities: Fujikawaguchiko Town, Yamanakako Village and Narusawa Village on the Yamanashi side, and Gotemba City, Fujinomiya City and Susono City on the Shizuoka side. Within the scope tracked by MetroEngines Research, 142 properties with 984 rooms were confirmed to have opened between 2023 and mid-October 2026. By year: 47 properties and 289 rooms in 2023, 31 and 270 in 2024, 29 and 159 in 2025, and 35 and 266 in 2026 — the property count bottomed out in 2025 and is rising again. By segment, there are 87 vacation rentals and 16 cottages; together these “whole-unit rentals” account for 103 properties, or 73%. Read alongside Yamanashi Hotel Market Map 2026, which maps the distribution and price bands of properties on the Yamanashi side across all 27 municipalities in the prefecture, it confirms how concentrated supply is in the northern foothills of Mt. Fuji relative to the prefecture as a whole.

Source: MetroEngines Research & Consulting (OTA listing confirmation basis, six Mt. Fuji-area municipalities, N=142 properties). 2026 figures confirmed as of mid-October

By municipality, the national pattern of different leaders by property count and room count is reproduced exactly. Fujikawaguchiko Town has the most properties at 66, but only 199 rooms — just 3.0 rooms per property. Yamanakako Village has 48 properties and 210 rooms (4.4 per property), and Narusawa Village 11 properties and 80 rooms (7.3). Gotemba City, by contrast, ranks only third by property count at 13, yet its 450 rooms account for 46% of the whole market, at 34.6 rooms per property — more than ten times Kawaguchiko. Gotemba’s supply was driven by the 201-room Toyoko Inn Gotemba Ekimae (東横INN御殿場駅前), opened in March 2024, and the 90-room Hotel Kanraku Premier Fujisan Shin-Gotemba IC Route 246 (ほてる寛楽プレミア富士山・新御殿場インター・国道246), opened in June 2026 — both business-type hotels near a station or expressway interchange. Fujinomiya City has 4 properties and 45 rooms, and Susono City has no new openings within our coverage; on the Shizuoka side, supply is effectively concentrated in Gotemba alone.

Source: MetroEngines Research & Consulting (OTA listing confirmation basis, N=142 properties)

Plotted on a map by opening year, single-room-scale dots line up densely along the Lake Kawaguchi shoreline through Lake Saiko and Narusawa, and across the villa districts from the south to the east shore of Lake Yamanaka. Of the 142 properties, 91 (64%) have one room, 22 have 2–5 rooms, 18 have 6–19 rooms, and only 11 have 20 rooms or more. Gotemba’s dots are few but large, showing visually how the city single-handedly carries the market’s room supply.

Source: MetroEngines Research & Consulting (OTA listing confirmation basis, N=142 properties). Circle size represents room count; color represents opening year

Looking individually at the 35 properties of 2026, the largest by room count are Hotel Kanraku Premier in Gotemba (90 rooms), VoyStay Fuji HOTEL in Fujinomiya (42 rooms, resort hotel), A VILLAGE in Fujikawaguchiko (31 rooms, city hotel) and Godere hotel Fuji Yamanakako Tabist (Godere hotel 富士山中湖 Tabist) in Yamanakako (28 rooms, glamping); these four alone account for 191 rooms, or 72% of the market’s new rooms in 2026. The remaining 31 properties total 75 rooms, an average of 2.4 rooms each. Note that because our opening dates are based on OTA listing confirmation, in cases such as Hotel Kanraku Premier, where the listing was confirmed before the announced opening date (June 11, 2026), the month used in our tally may differ from the announced one.

Rates — Gotemba, Deepest in Rooms, +6.8%; Yamanakako, Up in Property Count, −7.2%

How do rates coexist with this depth of supply? For the six municipalities, we compared the monthly average estimated settled ADR over the latest 12 months (October 2025–September 2026) with the same period a year earlier (October 2024–September 2025). Estimated settled ADR is limited to hotel and ryokan segments and excludes vacation rentals and cottages. The figures below therefore show “how rates at existing hotels and ryokan moved in markets where whole-unit rentals increased.”

Source: MetroEngines Research & Consulting. Estimated settled ADR is the monthly median of covered properties, tax-exclusive equivalent. N is the range of covered properties per month

Gotemba City is the clearest case. Despite adding 450 rooms in four years — the most in the market — its estimated settled ADR over the latest 12 months averaged ¥9,100, up 6.8% from ¥8,500 a year earlier, and exceeded the prior-year month in 11 of 12 months (N=25–28 properties). January 2026 was up 19.8% and April up 10.5%; rates were still rising in the fiscal year after a 201-room large supply entered in spring 2024. Given Gotemba’s character as home to a major outlet mall, a junction of the Shin-Tomei and Tomei expressways, and a touring base for Hakone and Fuji, it appears to have enough depth of demand to absorb additional business-type rooms. For price tiers and white-space price bands in eastern Shizuoka including Gotemba, see Hotel Rates in Four Eastern Shizuoka Cities for a deeper dive.

Yamanakako Village, on the other hand, averaged ¥10,700 over the latest 12 months, down 7.2% from ¥11,500 a year earlier, and beat the prior-year month in only two months — November 2025 (+34.3%) and December 2025 (+21.7%) (N=25–32 properties). Since the start of 2026, it has stayed below the prior year even in peak periods: January −8.9%, February −20.9% and August −21.8%. Yamanakako added 48 properties in four years, 34 of them whole-unit vacation rentals or cottages. In rooms, that is just 210 — less than half of Gotemba — but in terms of “number of places to stay” it is the market’s second-fastest-growing municipality, and the rate decline may reflect whole-unit rentals and hotels/ryokan competing for the same family and group demand.

Fujikawaguchiko Town sits in between. Its latest 12-month average was ¥17,600, up 2.0% YoY (N=67–73 properties), holding its level; month by month, however, gains early in the period — November 2025 +14.0% and December +33.8% — were given back in summer, with June 2026 −6.4%, July −13.9% and August −9.3%. Of its 66 new properties, the most in the market, 50 are vacation rentals, and the softening of rates coincides with summer family and group demand dispersing into whole-unit rentals. Narusawa Village (+16.0%, N=3–5 properties), Fujinomiya City (+1.4%, N=9–12) and Susono City (−2.0%, N=5–6) all have thin coverage of around ten properties or fewer, so a few price changes can move the average; these should be treated only as directional indicators.

Source: MetroEngines Research & Consulting. Fujikawaguchiko Town N=65–74 properties, Gotemba City N=23–28 properties. October–December 2026 (dashed) are estimates based on listed prices at the time of the survey and are subject to change

We also obtained estimated settled ADR for October 2026 through February 2027 based on listed price levels at the time of the survey. Fujikawaguchiko Town starts below last year in the autumn-foliage and year-end peak: ¥19,700 for November 2026 (vs. ¥21,600 a year earlier, N=70 properties) and ¥17,100 for December (vs. ¥19,500, N=70). Gotemba City is above the prior year at ¥12,400 for November and ¥11,800 for December (N=27–28 properties). However, future-month values depend on the current mix of listed plans and will move with last-minute price adjustments and new plans as check-in dates approach, so they should be treated as directional reference values.

Pipeline — Few Large Projects in Construction Plans; Small-Scale Additions Keep Accumulating

What about future supply? In planning data based on building-confirmation applications from the Ministry of Land, Infrastructure, Transport and Tourism’s “Building Construction Statistics,” the only hotel-use plan identifiable in Yamanashi is a single 54-room project in Fujiyoshida City (completed April 2026), which matches Hotel Fuji Torii Gate (ホテル富士トリイゲート, 54 rooms), whose opening we confirmed in April 2026. On the Shizuoka side, no plans located in Gotemba, Fujinomiya or Susono can be confirmed at present. Building-confirmation applications are typically filed one to two years before opening, so the count is likely to rise as more applications are added; this figure should be treated as the lower bound of the currently confirmed pipeline.

Supplementing with public disclosures: Intrance Co., Ltd. (イントランス), listed on the TSE Growth market, disclosed in March 2025 that it would sign a store-opening agreement with Raysum (レーサム) for a hotel to be built in Fujikawaguchiko Town, expecting to sign the lease in spring 2027 and begin operations in July 2027 (71 rooms planned). In addition, an operator of small trailer-house-style properties has opened successive sites in Yamanakako and Gotemba since 2023, with 8, 16, 5 and 6 rooms, and the trend of “small-lot supply of around 10 rooms” — sitting between whole-unit rentals and hotels — accumulating across the area can be expected to continue into 2027. “New” openings via rebranding of existing properties are also occurring nearby, such as Kamenoi Hotel Fuji (亀の井ホテル 富士; Fujiyoshida City, 88 rooms, opened May 30, 2026), but these are not included in this article’s six-municipality tally.

Implications for Investors — Reading a Market Where Listing Count, Not Room Count, Drives Competition

To sum up, new supply in the Mt. Fuji area is limited in room terms: 984 rooms in four years, just under 250 a year. In property terms, however, 142 properties have been added — 35 a year on average — which, from the standpoint of existing hotels and ryokan, means the number of “competing booking pages” grows by dozens every year. In the competition to be chosen from a search-results list — call it listing-count competition — a one-room vacation rental and a 200-room hotel each occupy one slot. Supply analysis based solely on room counts cannot see this pressure.

The opportunity lies on the flip side. First, a market like Gotemba, where estimated settled ADR maintains +6.8% YoY growth even after large business-type supply entered, shows that depth of demand exceeds supply, and mid-sized business-type hotels near interchanges and stations still have room to grow. Second, in markets like Kawaguchiko and Yamanakako where whole-unit rentals have spread across the area, hotels and ryokan can defend rates not by competing on the same ground as whole-unit rentals (room-only stays, families and groups), but by offering elements whole-unit rentals struggle to provide, such as breakfast, hot springs and multilingual service. Estimated settled ADR for hotels and ryokan in this market is ¥17,000–18,000 in Kawaguchiko versus around ¥11,000 in Yamanakako — a large gap even among lakeside locations — suggesting upside from differentiation remains on the Yamanakako side. Third, Narusawa, Fujinomiya and Susono have thin hotel/ryokan coverage of around ten properties and very little new supply. The white space, in terms of few competitors, is large, but current rate levels are low at ¥7,800–12,000, and unless the format can generate its own demand (glamping, experience-based), the rate ceiling is likely to be visible early.

Finally, supply with small room counts per property also exits quickly. Whole-unit rentals have short payback periods and can be converted to rental housing or personal use at the owner’s discretion, so swings in property count are larger than swings in room count. When monitoring supply in the Mt. Fuji area, tracking not only net room additions but also net changes in property count and segment mix is the practical way to build rate outlooks for hotels and ryokan.

Frequently Asked Questions

Summary

Japan’s 1,760 new openings in 2026 have a two-tier structure: 47.8% of properties are vacation rentals, while 49.8% of rooms are in business hotels. In the six Mt. Fuji-area municipalities, 142 properties and 984 rooms were added in four years, including 35 properties and 266 rooms in 2026, with rooms per property of 3.0 in Fujikawaguchiko Town and 4.4 in Yamanakako Village versus 34.6 in Gotemba City — a concentrated example of the different leaders by property count and room count. In estimated settled ADR, Gotemba, with the deepest room supply, rose 6.8% YoY and beat the prior year in 11 months, while Yamanakako, where property count grew mainly through whole-unit rentals, fell 7.2%, and Fujikawaguchiko Town, though up 2.0%, softened in summer. The implication for investors is to overlay a property-count perspective on room-based supply analysis, and that in markets where whole-unit rentals spread across the area, differentiation room for hotels and ryokan becomes rate upside.

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