The (tentatively named) Kyoto Shokokuji Monzencho Project, planned by Mitsubishi Estate in Shokokuji Monzencho, Kamigyo Ward, Kyoto, is a planned Rosewood Hotel Group hotel that the City of Kyoto selected as a “Premium Accommodation Facility Candidate” on November 14, 2022. With a gross floor area of 20,553.63 m² on a 12,216.25 m² site, three floors above ground and one below, and 135 rooms, it works out to 152 m² of gross floor area per room — a strikingly low-density luxury scheme even by Kyoto standards — and it sits in a residential zone, a Category 2 Medium-to-High-Rise Exclusive Residential District. This article uses the City of Kyoto selection documents as the primary source for the project outline, then layers on MetroEngines Research room-stock data (1 km and 2 km radius), estimated settled ADR by ward, and listed prices for Kyoto City luxury hotels, working backward from the economics of the floor area to estimate the price band at which these 135 rooms can make sense.

Room stock in this article covers lodging facilities with 10 or more rooms (excluding leisure/love hotels) within a 1,000m radius and a 2,000m radius of the Shokokuji Monzencho site. “Operating” means a selling price was confirmed on major booking sites in the last three months (August–October 2026) (as of October 25, 2026, compiled by MetroEngines Research).

Key Points — A Low-Rise Luxury Hotel at 152 m² per Room in a Residential Zone

The conclusion first: this is a hotel that chose not to use up its permitted floor area. On a site zoned for a 200% floor-area ratio within a 15m height district, gross floor area is held to 168.2% of the site (including the basement), height to about 12m, and floor area per room reaches 152.2 m² across 135 rooms. The way it uses its floor area is completely different from the largest operating hotels within 2 km, such as Hyatt Place Kyoto (239 rooms) and Kyoto Brighton Hotel (182 rooms). The natural comparables are the 29 luxury properties scattered across Kyoto City (Deluxe category, within a 5 km radius).

Those comparables are concentrated on the Higashiyama, Nakagyo and Shimogyo side of the city. Around the site in northern Kamigyo, the market runs at an estimated settled ADR of ¥15,400 (September 2026, N=9), and within 2 km there is only one Deluxe-category property with 57 rooms. In other words, this project does not slot into an existing high-price cluster; it brings a new price band into a quiet residential area surrounded by Shokokuji Temple, the Kyoto Imperial Garden and Doshisha University. Working back from the floor-area economics, the required ADR (tax-exclusive equivalent) is ¥82,600 in the base case of ¥3M per tsubo, 70% annual occupancy and a 5% GOP yield. Given that 19 luxury properties in Kyoto City have listed prices (2 guests per room, tax-inclusive, all-plan average) above ¥100,000, this level sits comfortably within the upper tier of the market. The evidence follows.

Project Overview — The 135 Rooms as Described in the City of Kyoto Selection Documents

The primary source is “On the Selection of Premium Accommodation Facility Candidates,” published on November 14, 2022 by the Tourism and MICE Promotion Office of the City of Kyoto Industry and Tourism Bureau. It names Mitsubishi Estate Co., Ltd. as the project owner, the project as the (tentatively named) Kyoto Shokokuji Monzencho Project, and the hotel brand as “Rosewood Hotel Group.” Because an official hotel name could not be confirmed as published as of October 24, 2026, this article refers to it as “the Rosewood Hotel Group hotel (planned).”

On timing, the document lists under “schedule” procedures under the mid-to-high-rise building ordinance from November 2022 onward, a public hearing and Building Review Board under the Building Standards Act, and construction, followed by “opening within FY2026.” Meanwhile, our building plan data based on the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) “Building Construction Activity Statistics” shows the project on the same site (709-1 Shokokuji Monzencho) with a construction start of June 15, 2024, scheduled completion of September 30, 2027, and main uses of hotel and parking. The former is the document’s wording at the time of selection; the latter is the permit-based scheduled completion of works. Neither is a confirmed opening date, and both will need to be revisited once Mitsubishi Estate formally announces an opening date.

An appendix to the document frames the concept around the site’s position, surrounded by “Kamigoryo Shrine to the north and Shokokuji Temple, Doshisha University and the Kyoto Imperial Garden to the south,” along a continuous green corridor running from the Imperial Garden through Shokokuji to Kamigoryo Shrine. Amenities include a restaurant, bar, fitness room, spa, pool and banquet hall; the planned operating period is more than 50 years, and total staffing is about 200. On consultation with neighbors, the document records that talks with residents’ organizations of the Muromachi and Kyogoku school districts began in November 2021; that every one of the 669 surrounding households was visited individually in February–March 2022; that a general briefing was held in March 2022 (two days, 78 attendees in total); and that newsletters were distributed to every household with requests for comment in June and August. Shokokuji Temple endorses and recommends the project, citing the measures taken on building height, volume and traffic.

Market Environment — Kyoto Prefecture Estimated Settled ADR Around ¥14,000; Luxury Occupancy in the 80% Range

Start with the prefecture-wide level. MetroEngines Research’s estimated settled ADR (median of covered properties) for Kyoto Prefecture was ¥14,200 in September 2026, up 1.1% from the same month a year earlier (¥14,000). The annual pattern has two peaks, in November for autumn foliage and in April for cherry blossoms, reaching ¥24,800 in November 2025. In 2026, the spring peak (March ¥20,300, April ¥21,700) exceeded the prior year, while June–August ran below the prior year before returning to roughly flat in September. The number of covered properties ranges from 576 to 607 depending on the month.

On the demand side, the City of Kyoto’s “2025 Kyoto Tourism Comprehensive Survey” was reported to show record highs in 2025 for total visitors (62.79 million), foreign visitors (12.68 million) and foreign overnight guests (8.09 million, actual persons), with tourism spending of ¥2.0474 trillion. Long-staying foreign travelers, the core clientele of the luxury segment, are lifting overnight demand across Kyoto City as a whole.

Next, occupancy. Estimated occupancy for Kyoto Prefecture based on OTA-listed inventory in September 2026 was 84.0% for all properties (566 properties / 31,989 rooms, based on major booking-site listings), 81.6% for the Deluxe category (18 properties / 1,549 rooms), and 83.7% for the luxury tier with listed prices of ¥100,000 or more (13 properties / 589 rooms). In May 2026, occupancy was high at 89.9% for all properties and 86.4% for the luxury tier. In June–August, all properties held in the 80% range at 80.7–81.8%, while the luxury tier fell into the 70% range at 73.5–75.4% in June–July and the Deluxe category at 79.1–75.8% in July–August; all of them returned to the 80% range in September. The number of luxury-tier properties covered varies from 11 to 22 by month, so these figures come from a small sample and should be read with that in mind.

REIT disclosures also show Kyoto’s luxury segment holding high occupancy. In the property-level results disclosed by Hoshino Resorts REIT (3287), HOSHINOYA Kyoto (25 rooms) recorded an ADR of ¥87,585, occupancy of 84.3% and RevPAR of ¥73,798 in August 2026. This is a single small property and differs in scale from this project, but it is a useful reference point showing Kyoto City’s high-price tier achieving an ADR in the ¥80,000s at occupancy in the 80% range. Note that Hoshino Resorts REIT’s monthly disclosures do not state whether ADR is tax-inclusive or tax-exclusive, so comparison with this article’s estimated settled ADR (tax-exclusive equivalent) is indicative only.

Price Position by Ward — Kamigyo at ¥15,400 Is on Par with Nakagyo; High-Price Hotels Sit Toward Higashiyama and Ukyo

Split Kyoto City by ward and the map of estimated settled ADR comes into clear focus. On September 2026 finalized figures, Ukyo Ward (¥23,100, N=15) and Higashiyama Ward (¥21,400, N=51) are above ¥20,000, while Kamigyo (¥15,400, N=9), Nakagyo (¥15,100, N=111) and Shimogyo (¥13,900, N=170) line up in the ¥14,000–¥15,000 range. The central wards all rose year on year — Kamigyo +6.2%, Nakagyo +6.2%, Shimogyo +4.2% — while Higashiyama was roughly flat at −0.7%.

One caveat: Kamigyo Ward’s estimated settled ADR is the median of only nine properties, a sample dominated by business hotels and hostels. Kamigyo does have city hotels such as Kyoto Brighton Hotel (182 rooms), but there is not a single property within 2 km with a listed price above ¥100,000. Higashiyama’s ¥20,000-plus level reflects the fact that many of the 29 luxury properties within 5 km are located around Higashiyama and Gion. Kamigyo’s ¥15,000 range does not mean “only this price band exists here”; it means “high-price supply has not yet been placed here.” Pricing for this project should be benchmarked against Kyoto City’s luxury segment, not the ward median.

Location — Category 2 Medium-to-High-Rise Exclusive Residential District, 15m Height District, Kamigyo Land Prices +6.7% YoY

The site is about 330m from Imadegawa Station and about 560m from Kuramaguchi Station on the Karasuma Subway Line, with Shokokuji Temple to the south, Doshisha University and the Kyoto Imperial Garden beyond, and the Kamo River about 750m to the east. It is zoned as a Category 2 Medium-to-High-Rise Exclusive Residential District, where a hotel requires a use permit under the Building Standards Act. The City of Kyoto selection document addresses this explicitly: building height is held to about 12m against the 15m limit, green buffers of about 10m from the road on the north and east sides and about 3–6m on the south and west sides are secured, and back-of-house rooms, plant rooms and loading spaces are consolidated underground to reduce above-ground volume.

Land prices continue to rise across Kamigyo Ward. According to MLIT’s Official Land Price Publication, the 2026 average for Kamigyo was ¥493,833/m², up 6.69% year on year and about 24% higher than ¥398,666/m² four years earlier in 2022. By type, residential land averaged ¥458,923/m² (+5.39%) and commercial land ¥584,600/m² (+10.06%). The benchmark point nearest the site, 457-7 and others Kamigoryo Nakamachi (east off Karasuma-dori south of Kuramaguchi), was ¥594,000/m² in 2026 (+7.80% YoY). For the total investment estimate in this article, we use about ¥7.3B — the land price at this nearby point multiplied by the 12,216 m² site — as a reference land valuation. Mitsubishi Estate’s actual acquisition price has not been disclosed.

As a hotel in a residential zone, the surrounding living environment matters too. According to MLIT’s National Land Numerical Information 250m-mesh future population estimates, the resident population within 1.5 km of the site is estimated at 74,053 in 2025, with 27.4% aged 65 or older, and is projected at 68,673 in 2040 (−7.4%). As a residential area in central Kyoto, population density is high, and the neighborhoods extending east and west of the site will be the hotel’s neighbors. The community-facing restaurant and provision of facilities to local groups described in the document are community-contribution measures premised on this resident population. Resident population here is the census-based usual resident population, not the daytime or transient population.

Room Stock — 83 Operating Rooms Within 1 km; the 135 Rooms Are 1.6x That

Room stock within 1 km of the site is 10 properties / 314 rooms on a listed basis, of which 2 properties / 83 rooms are operating, with selling prices confirmed on major booking sites in the last three months (August–October 2026) (10+ rooms, as of October 25, 2026). The two operating properties are KYOTO PLEASANT HOTEL (71 rooms, opened 2024) and K-style Goshonishi (12 rooms), both in the business hotel / hostel categories. The 135 rooms are about 1.6x this operating stock; the opening of this project will change the 1 km lodging market in both quality and quantity.

Widening to 2 km gives 74 listed properties / 3,064 rooms and 36 operating properties / 2,065 rooms, so the 135 rooms equal +6.5% of operating stock. By category, 40% of operating rooms are business hotels (10 properties / 829 rooms), followed by city hotels (4 / 494) and capsule hotels (3 / 319); the only Deluxe-category property is KAYA Kyoto Nijo Castle (57 rooms, opened 2023), and there is no Luxury-category property. Room stock within 2 km grew from 35 properties / 1,635 rooms in 2017 to 54 properties / 2,427 rooms in 2026, adding about 800 rooms in a decade. Properties opened in the 2010s or later account for most of the 74 listed (45 properties / 2,019 rooms), yet the high-price tier remains empty (10 properties / 146 rooms with unconfirmed opening years are excluded from the time series). The supply structure around Marutamachi Station, south of the site, is laid out on a 1 km station-radius basis in Avani Kyoto’s 240 Rooms Add 4% to Marutamachi’s 5,933.

Among operating hotels within 2 km for which estimated settled ADR can be calculated, April–September 2026 averages were about ¥32,000 for Hyatt Place Kyoto (239 rooms), about ¥30,000 for Solaria Nishitetsu Hotel Kyoto Premier Sanjo Kamogawa (200 rooms) and about ¥27,000 for Kyoto Brighton Hotel (182 rooms); properties with 100+ rooms (excluding capsule hotels) fall in a ¥14,000–¥32,000 band. According to Hyatt Hotels Japan press materials (April 2026), Hyatt Place Kyoto opened on April 1, 2022 with 239 rooms and is one of the 22 hotels in Japan listed in those materials. This project is close to these properties in room count, but its floor area per room and amenity mix are different, and it does not compete with them directly on price. The price band at which Kyoto Brighton Hotel would break even after joining a soft brand is estimated separately in Japan Has 5 Hilton/Hyatt Soft Brands: Kyoto Brighton Curio Breakeven.

Positioning — How the Project Relates to Kyoto City’s 29 High-Price Hotels

Defining the Kyoto City luxury segment that this project will be compared with as Deluxe-category properties (10+ rooms) within 5 km of the site yields 29 properties / 2,643 rooms, all 29 of them operating with selling prices confirmed in the last three months. Because estimated settled ADR is not calculated for the Deluxe category, the comparison here uses listed prices (2 guests per room, tax-inclusive, all-plan average, April–September 2026 average). Nineteen properties have listed prices above ¥100,000 and 25 above ¥50,000. At the top are Four Seasons Hotel Kyoto (123 rooms, about ¥330,000), Park Hyatt Kyoto (70 rooms, about ¥320,000), The Ritz-Carlton, Kyoto (134 rooms, about ¥310,000) and HOTEL THE MITSUI KYOTO (161 rooms, about ¥290,000).

The scatter plot shows two facts. First, Kyoto’s luxury segment is thickest in the 70–160 room range, and at 135 rooms this project falls in the same zone as The Ritz-Carlton, Kyoto (134 rooms), Four Seasons Hotel Kyoto (123 rooms) and ROKU KYOTO, LXR Hotels & Resorts (114 rooms). According to Hilton’s “Company Overview” (updated August 25, 2026), ROKU KYOTO opened in 2021 with 114 rooms and is the only LXR-brand hotel operating in Japan. Second, only one of the 29 properties (KAYA Kyoto Nijo Castle) is within 2 km of the site; all 19 properties listed above ¥100,000 lie outside 2 km, split among the east bank of the Kamo River on the Higashiyama/Sakyo side, the Nijo Castle area, central Shimogyo and Takagamine in Kita Ward. Northern Kamigyo is the one blank spot on Kyoto’s luxury map.

A location framed by Shokokuji, the Kyoto Imperial Garden and Doshisha has a character of its own — a “quiet cultural heart” distinct from both the glamour of Gion and Higashiyama and the business districts of Oike and Sanjo. The plans described in the selection document — programs featuring temple treasures in collaboration with Shokokuji’s Jotenkaku Museum, stays incorporating zazen meditation and talks, and guest rooms that use Nishijin textiles and Asahi-yaki tea ceramics — are the axes of differentiation for filling this gap. Being in a location where it can be first mover in its price band is the project’s biggest investment opportunity.

Floor-Area Economics — ¥120M–¥160M per Room to Build a Low-Rise Luxury Hotel at 152 m² per Room

The 20,553.63 m² gross floor area converts to about 6,217 tsubo (1 tsubo = about 3.3 m²), or 46 tsubo (152.2 m²) per room across 135 rooms. Whereas business and city hotels generally center on rooms in the 20–30 m² range, this project combines rooms of at least about 50 m² with a restaurant, bar, spa, pool and banquet hall, plus back-of-house areas and parking consolidated underground. The unit cost at which this floor area is built is the starting point for the investment.

We set the construction cost per tsubo under three scenarios. According to MLIT’s “Building Starts Statistics,” construction costs for accommodation-use buildings in 2024 averaged ¥1.95M per tsubo across all structure types, while an industry media guide by hotel type puts luxury at ¥2.5M–¥3.5M per tsubo. Because this project is a low-rise RC building with one basement level, large guest rooms and high-grade finishes, we assume three levels above the national average — ¥2.5M, ¥3M and ¥3.5M per tsubo — with ¥3M as the base case. Since Mitsubishi Estate’s land acquisition price has not been disclosed, land is valued for reference by multiplying the official land price at the benchmark point nearest the site (Kamigoryo Nakamachi, ¥594,000/m²) by the site area.

In the base case, construction costs about ¥18.7B, or about ¥138M per room. Adding the reference land value of about ¥7.3B gives a total investment of about ¥25.9B, or about ¥192M per room. For reference, the (tentatively named) Shangri-La Hotel Kyoto Nijo Castle project, selected under the same program, has 11,919.9 m² of gross floor area and 77 rooms — 154.8 m² per room — using floor area in almost exactly the same way. A level of ¥140M per room is simply the generous floor area and specification showing up directly in the unit investment cost.

Working Back to the Required ADR — ¥73,000–¥93,000 at 70% Annual Occupancy, Within the Middle of the Luxury Range

We work back to the required ADR by setting a target of a 5% annual yield on total investment measured at the GOP (gross operating profit) level. Assumptions: a full-service GOP margin of 25%, rooms revenue at 55% of total revenue (the rest from restaurant, bar, spa and banquets), and 135 rooms operating 365 days. For the GOP margin, we use the 38.9% achieved by the 91 MHM-operated properties disclosed by Invincible Investment Corporation (fiscal period ended December 2024) as an upper reference, and conservatively adopt 25% for a full-service hotel with food & beverage and banquets. In the base case (total investment ¥25.9B), the hotel needs annual GOP of about ¥1.3B, total revenue of about ¥5.2B and rooms revenue of about ¥2.8B, giving a required RevPAR of ¥57,800 and, at 70% annual occupancy, a required ADR of ¥82,600 (tax-exclusive equivalent). Set this alongside Motto by Hilton Kyoto: 108 Rooms Need an ADR of About ¥24,200, which applies the same back-calculation framework to a limited-service project in Shimogyo, and you can see how the difference in floor area per room translates into the gap in required ADR.

Now compare this required ADR with the market. Kyoto Prefecture’s luxury tier (listed prices of ¥100,000+, 13 properties / 589 rooms) held estimated occupancy of 83.7% in September 2026, and 19 of the 29 Deluxe-category properties within 5 km are selling at listed prices above ¥100,000. Listed prices (tax-inclusive, all-plan average) and estimated settled ADR (tax-exclusive equivalent, based on lowest-plan levels) use different bases and cannot be compared directly. But given that HOSHINOYA Kyoto (25 rooms) achieved an ADR of ¥87,585 and occupancy of 84.3% in its REIT disclosure (August 2026), a required ADR of ¥72,700–¥92,500 (at 70% occupancy) sits in the middle-to-upper part of Kyoto’s luxury segment — a target within reach in light of the brand’s price positioning.

Check the sensitivities as well. From the base case, a 10% fall in ADR brings the GOP yield to 4.5%, a 5-point fall in occupancy to 4.6%, and both together to 4.2%. Given that luxury-tier occupancy dips into the 70% range seasonally (73.5–75.4% for Kyoto Prefecture’s luxury tier in June–July 2026), 70% annual occupancy is within the range of actual results; it is rather the ADR setting that drives the yield.

The design of the accommodation tax also affects price positioning. From March 1, 2026, the City of Kyoto restructured its accommodation tax into five tiers: ¥10,000 per person per night for room rates of ¥100,000 or more, ¥4,000 for ¥50,000 to under ¥100,000, and ¥1,000 for ¥20,000 to under ¥50,000. Because the tier is determined by the room rate per person, a ¥150,000 room for two guests works out to ¥75,000 per person and falls in the ¥4,000 tier. Suites above ¥100,000 per person, or single occupancy, fall into the ¥10,000 tier. Luxury pricing will be designed with an eye to whether it crosses this threshold.

Program Scarcity — Three Projects in Residential Zones Under the Premium Accommodation Facility Attraction Program

The City of Kyoto’s “Premium Accommodation Facility Attraction Program” is a scheme under which the city supports hotel projects that contribute to and revitalize their communities and let guests experience Kyoto’s appeal, on the premise of harmony with local residents’ lives. When a developer submits a plan, the city reviews about 30 items while hearing the opinions of outside experts, and selects it as a premium accommodation facility candidate. We were able to confirm three selections in published documents, all of them in residential zones.

Laid side by side, the three projects make this one’s scale stand out. Its gross floor area is 1.7x and its room count 1.75x those of the (tentative) Shangri-La Hotel Kyoto Nijo Castle Project, while its floor area per room of 152.2 m² is on par with the Shangri-La project’s 154.8 m². Whereas the Shangri-La project sits in a Category 1 Residential District within the Nijo Castle buffer zone, this project is in a Category 2 Medium-to-High-Rise Exclusive Residential District, an even more strongly residential area. The Omuro Kadensho project, a 67-room plan with hot springs and tea rooms in front of Ninnaji Temple, represents a different style of stay within the same program. The very fact that the program makes residential-zone locations possible creates a scarcity — “a quiet setting and a large site” — that ordinary commercial districts cannot offer.

According to the selection document, the expert panel asked that the project show respect for the site’s history as land inseparable from Shokokuji, harmonize with the good residential environment and local landscape, and verify its traffic plan for access from arterial roads, while praising its consensus-building efforts, including individual visits to 669 households, and its building plan that restrains height and volume. The city’s reasons for selection were its contribution to Kyoto’s economy through the use of local products and local hiring, a restaurant and garden that local residents can also use, and its promotion of stay-oriented tourism with suites, a spa and a pool.

Supply Pipeline — New Luxury Supply in Kyoto City and Where the Project Fits

Our building plan data based on MLIT’s “Building Construction Activity Statistics” shows five hotel projects in Kyoto Prefecture (building-permit basis), four of them in Kyoto City with 50 or more rooms. Besides this project, they are 270 rooms by JR Central Hotels in Higashikujo, Minami Ward (scheduled completion April 30, 2026), 55 rooms by Imperial Hotel on the south side of Gionmachi, Higashiyama Ward (April 1, 2026), and 53 rooms by ORIX Real Estate at Sanjusangendo-mawari, Higashiyama Ward (December 31, 2028). The 29 Deluxe-category properties within 5 km already include Imperial Hotel Kyoto (55 rooms) and Capella Kyoto (89 rooms), both opened in 2026; small-scale, high-price new supply continues to arrive in Kyoto’s luxury segment.

This project’s 135 rooms are the only new supply located in northern Kamigyo, and second only to JR Central Hotels’ 270 rooms in room count. Given that both properties opened in 2026 are in Higashiyama Ward, this project will be the first large-scale scheme to extend Kyoto’s luxury map northward. Permit-based counts are a floor that will rise as more applications are filed, and note that there are also several concepts not yet at the permit stage, such as a mixed-use building plan with a hotel on the upper floors as part of the rebuilding of Kyoto Central Post Office.

Investment Issues — Use Permit, Opening Timing and Price Formation

To narrow it to three issues: the first is the use permit. A hotel in a Category 2 Medium-to-High-Rise Exclusive Residential District requires a permit under the Building Standards Act, and the city document also places the public hearing and Building Review Board procedures under “schedule.” The June 2024 construction start in the building plan data suggests the procedures are progressing, but this should be confirmed by an official announcement. The second is opening timing: there is a six-month gap between the city document’s “within FY2026” and the building plan data’s scheduled completion of September 30, 2027, and neither is a confirmed date. The third is price formation: pricing should be benchmarked against Kyoto City’s luxury segment rather than the market median of ¥15,400 estimated settled ADR in Kamigyo, and the required ADR of ¥73,000–¥93,000 (70% annual occupancy) falls within the market’s upper tier.

Conclusion — A Design That Leaves Floor Area Unused Creates a New Price Band in Northern Kamigyo

The (tentative) Kyoto Shokokuji Monzencho Project is a low-rise luxury hotel that, on a site with a 200% floor-area ratio, holds gross floor area to 168% of the site and height to 12m against a 15m limit, giving 152 m² of floor area per room across 135 rooms. Its supply impact — about 1.6x the 83 operating rooms within 1 km and +6.5% on the 2,065 operating rooms within 2 km — looks limited on paper, but in price terms it brings something that does not exist anywhere nearby. The required ADR of ¥82,600, worked back at ¥3M per tsubo, 70% annual occupancy and a 5% GOP yield, sits in the middle of Kyoto City’s luxury segment — a level within reach given the scarcity of a location surrounded by Shokokuji, the Kyoto Imperial Garden and Doshisha, and the brand’s drawing power. The next things to watch are the announcement of the opening date and official name, and how the new luxury supply that opened in Higashiyama in 2026 is absorbed.

Note: Construction costs, required ADR and yields in this article are simplified estimates based on public information and assumptions; actual investment decisions require a detailed feasibility study. ADR figures in this article are estimates (median error of about 7% against REIT-disclosed results), and estimated settled ADR in this article is on a tax-exclusive-equivalent basis.

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