Minn Ryogoku (Minn 両国), an apartment hotel that SQUEEZE (558A, TSE Growth) will open in Sumida-ku, Tokyo in December 2026, has 24 rooms, each sleeping 6 to 8 guests, for a maximum capacity of 172. That works out to 7.2 guests per room. According to a Travel Voice report (October 20, 2026), RS Investment Management handles property acquisition, financing and structuring of the investment scheme, while SQUEEZE handles operations and the technology platform (its in-house operating platform “suitebook”). The project is described as a new deal under the comprehensive business alliance the two companies signed in August 2026. This article first lays out this structure, with one company owning the asset and another running it. It then uses data to examine room supply within 1km of Ryogoku Station, the estimated settled ADR in Sumida-ku, the brand’s published prices at existing properties by number of guests, and the demand peaks unique to Ryogoku: sumo tournaments and fireworks.

Room stock in this article covers lodging facilities with 10 or more rooms (excluding leisure/love hotels) within a 1,000m radius of Ryogoku Station. “Active” means properties whose selling prices were confirmed on major booking sites in the most recent 3 months (August–October 2026). As of October 26, 2026, compiled by MetroEngines Research.

Project Overview and Division of Roles — RS Investment Management Owns the Asset, SQUEEZE Runs It

We start with the published facts. According to Travel Voice, Minn Ryogoku has 24 rooms, all of which accommodate 6 to 8 guests, for a maximum capacity of 172. It opens in December 2026 and will be SQUEEZE’s first operating site in Sumida-ku. The report does not give the street address, nearest station, acquisition price or details of the scheme, and this article does not estimate them. The trade-area analysis below is therefore done at district level, using a 1km radius around Ryogoku Station.

The division of roles is clear. In a timely disclosure dated August 13, 2026, SQUEEZE describes RS Investment Management as “a company engaged in real estate arrangement business targeting funds from major institutional investors in Japan and overseas.” It describes the alliance as one in which “the two companies will work together from the stage of fundraising and SPC formation to plan, develop and operate lodging facilities, mainly in major cities where inbound and family demand is expected.” RS Investment Management was founded in July 2019, has capital of ¥50 million, is headquartered in Roppongi, Minato-ku, and is also a shareholder holding 1.97% of SQUEEZE (as of June 30, 2026). SQUEEZE’s lodging business is asset-light and built around its in-house operating platform “suitebook” and a remote operating model. The two companies have already worked together in the same pairing on “Minn Nihonbashi Suitengumae” and “Minn Kawaramachi Gojo Riverside.”

Source: Compiled by MetroEngines Research & Consulting from SQUEEZE Inc., “Notice Regarding Conclusion of Comprehensive Business Alliance Agreement with RS Investment Management Co., Ltd.” (August 13, 2026) and Travel Voice (October 20, 2026)

Published figures also show how large this model already is. According to a follow-up report by Securities Research Center (August 25, 2026), total rooms in hotels whose operations SQUEEZE supports (RUM) reached 25,149 at the end of June 2026 (+61.6% YoY), of which 1,365 rooms are full-support properties where SQUEEZE runs the entire operation. On the relationship with RS Investment Management, the report says SQUEEZE “provides long-term hotel operation services to hotels purchased” and is “aiming to operate 20 hotels over the next few years.” It projects full-support RUM of 2,500 rooms at the end of FY12/2027. Minn Ryogoku’s 24 rooms are one step in that build-out. With 7.2 guests per room, the property is better measured by guest capacity than by the room counts used in conventional supply statistics. For nationwide supply of long-stay brands including apartment hotels, see Japan Long-Stay Hotel Supply Map 2026: 1,521 Properties, 5 Price Tiers, which takes stock of 1,521 properties.

Room Supply Within 1km of Ryogoku Station — 53 Active Properties, 6,624 Rooms; Flat Since a Jump in 2020

Next, we take stock of supply in the trade area. Within 1km of Ryogoku Station there are 76 lodging facilities with 10 or more rooms on a listed basis, totaling 8,133 rooms. Of these, 53 properties with 6,624 rooms are “active,” with selling prices confirmed in the last 3 months. By year, stock rose by 1,812 rooms from 4,879 at the end of 2019 to 6,691 at the end of 2020, a 1.4x increase in a single year. That year saw a cluster of large openings in front of Ryogoku Station, including APA Hotel & Resort Ryogoku Eki Tower (アパホテル＆リゾート〈両国駅タワー〉, 1,111 rooms) and THE GATE HOTEL Ryogoku by HULIC (ザ・ゲートホテル両国 by HULIC, 126 rooms). Since 2021, stock has stayed in a range of 6,608 to 7,301 rooms (7,209 at the end of 2025), with no new large-scale supply.

Source: MetroEngines Research & Consulting (OTA listing basis, N=75 properties. Year-end stock of properties within 1km of Ryogoku Station with 10+ rooms and a confirmed opening year. One property with 181 rooms and no confirmed opening year is excluded)

By property type, business hotels account for 5,475 of the 6,624 active rooms, or about 80%. The 10 large properties with 201+ rooms alone account for 3,439 rooms (52% of active rooms). Meanwhile, small properties with 50 rooms or fewer, the same size class as Minn Ryogoku, number just 19 active properties with 435 rooms, and 10 of them are hostels or guesthouses. In other words, the area has a two-tier structure: large business hotels selling double-occupancy rooms, plus small budget lodgings. Rooms designed for families and groups of 6 to 8 are very scarce in the room statistics.

Source: MetroEngines Research & Consulting (within 1km of Ryogoku Station, N=76 properties, as of October 26, 2026)

Circle size = number of rooms. Navy = city hotel, blue = business hotel, light blue = hostel/dormitory/guesthouse, gray = capsule hotel. The dashed line marks a 1km radius from Ryogoku Station. Minn Ryogoku is not shown because its location has not been disclosed.

Source: MetroEngines Research & Consulting (actual coordinates of 53 active properties)

Future supply is also limited. In MetroEngines Research’s building-plan data, the only hotel-use projects in Sumida-ku are two in Azumabashi 3-chome (45 rooms each, 10 stories, completion scheduled for January–February 2028). No plan of more than 100 rooms appears within 1km of Ryogoku Station. Properties opened or scheduled to open near the area in 2026 are also mostly small properties promoting long stays and kitchens: KOKO HOTEL Residence Tokyo Oshiage (25 rooms, July), LIVCITY Kinshicho Sanbankan (20 rooms, March) and KOKO HOTEL Residence Asakusa Nitenmon (39 rooms, scheduled for December). *Building-plan counts are based on applications for building confirmation at the time of the survey and should be read as a lower bound that is likely to rise as more applications are filed. Opening data is also based on confirmed listings on major booking sites, so figures for the most recent months may increase as new listings appear.

Sumida-ku Estimated Settled ADR — ¥14,300 in September, in the Same Band as Koto-ku (¥14,300) and Taito-ku (¥13,400)

Now for price levels. Sumida-ku’s estimated settled ADR (median of properties covered, tax-excluded equivalent) was ¥14,300 in September 2026 (N=30). That is almost identical to Koto-ku’s ¥14,300 (N=39) in the same month, slightly above Taito-ku’s ¥13,400 (N=176) and below Chuo-ku’s ¥17,300 (N=152). Compared with Tokyo overall at ¥13,700 (N=1,139), Sumida-ku sits a few hundred yen above the Tokyo average, in the standard band for the outer edge of central Tokyo.

The monthly pattern is also worth checking. In 2026, Sumida-ku rose to ¥19,500 in April, fell to ¥11,900 in August and recovered to ¥14,300 in September. The seasonality, with rises in April (cherry blossoms and the new fiscal year) and toward the autumn travel season and year-end, and dips during the rainy season and August, matches 2025. Figures from October onward are projections based on listed prices at the time of the survey. They appear to be in the ¥20,000s, but they are interim values that will change as check-in dates approach and must not be read as actual results. Because the number of listed properties counted in Sumida-ku expanded from June 2026, this article does not use ward-level YoY comparisons and compares levels only. For Tokyo overall, the estimated settled ADR in September 2026 was +1.9% YoY, essentially flat.

Source: MetroEngines Research & Consulting (Sumida-ku, median estimated settled ADR. October–December 2026 are projections based on listed prices at the time of the survey, N≈30)

Source: MetroEngines Research & Consulting (September 2026 actuals. Estimated settled ADR is tax-excluded equivalent; listed price is for 2 guests per room, tax included)

We also look at how fast inventory sells at ward level. Sumida-ku’s occupancy (estimated from OTA listed inventory) averaged 86.3% in September 2026 (26 properties / 3,181 rooms, based on major booking site listings). This is an estimate based on how OTA inventory sells and differs from each property’s actual occupancy. Even so, there were almost no weekdays below the low 80s, and inventory in the area sells strongly even in an ordinary month.

Pricing Large-Occupancy Rooms — Comparing on the Same Basis: Per Room vs. Per Person

This is the core of the article. Sumida-ku’s estimated settled ADR of ¥14,300 is a per-room level for 2 guests, or about ¥7,100 per person. Minn Ryogoku’s rooms, by contrast, are designed for 6 to 8 guests, so putting a single room’s price next to the ward ADR is not meaningful. The comparison has to be per person.

We therefore tallied, by number of guests, the prices the brand’s 5 Tokyo properties publish for stays in November–December 2026 (as of late October 2026, per room, all-plan average, tax included; these are listed prices, not estimated settled ADR). For 2 guests, a room costs ¥56,500 (median of 5 properties), or ¥28,200 per person. That is about 2.3x the ¥24,800 median listed price for a double-occupancy room at 38 business and city hotels in the same area over the same period (¥12,400 per person). For 6 guests, however, a room costs ¥87,400, or ¥14,600 per person, and for 7 guests ¥103,200, or ¥14,700 per person. That comes close to the business hotel per-person level, at about 1.2x. The more guests, the narrower the per-person gap. The remaining premium is what guests pay for having a whole room with a kitchen and washing machine to themselves.

Source: MetroEngines Research & Consulting (listed prices for stays in November–December 2026 at 5 Minn properties in Tokyo, all-plan average, tax included, divided by number of guests. The comparison line is the median listed price for a double-occupancy room at 38 business and city hotels within 1km of Ryogoku Station, divided by 2. Listed levels at the time of the survey; subject to change)

Source: MetroEngines Research & Consulting (listed prices for stays in November–December 2026, per room, all-plan average, tax included, 61 days per property. Blue figures are per-person equivalents)

This structure shows that revenue at a large-room apartment hotel depends not on a high room rate but on how many guests each room can hold. A group of 6 would need 3 double-occupancy business hotel rooms, which at the median listed price within 1km comes to ¥74,300 in total. Minn’s ¥87,400 for one room for 6 is about 1.2x that, so the extra cost to guests is only about ¥2,200 per person. Meanwhile, the operator earns revenue from 6 guests in one room while cleaning and checking in only one room. Having both of these at once is the economic logic behind a design of 7.2 guests per room.

Applied to Minn Ryogoku, 24 rooms × 7.2 guests = 172 guests at full capacity. If all 24 rooms sold at the brand’s median 6-guest price of ¥87,400, daily room revenue would be about ¥2,096,700. That is about 3.5x what the same floor space would earn as a double-occupancy business hotel (area median ¥24,800 × 24 rooms = ¥594,700). This is a reference calculation using the brand’s published prices and does not forecast Minn Ryogoku’s actual rates or occupancy. Whether groups of 6 to 8 will arrive steadily is a demand-side question that needs separate verification.

Because this reference calculation is a single point (one day, fully booked), we also look at an annual basis with ranges for rate and occupancy. The table below combines the brand’s 6-guest room prices at its 5 Tokyo properties (low, mid, high) with assumed year-round occupancy of 70%, 80% and 90% to estimate annual room revenue for 24 rooms × 365 days. The mid case at 80% occupancy gives about ¥612 million. Even the lowest combination (low rate, 70% occupancy) gives about ¥421 million. The range is 2.4–4.3x what the same 24 rooms would earn at the double-occupancy business/city hotel level (about ¥174 million at 80% occupancy). A distinctive feature of large-room revenue is that rate swings (about 1.4x between low and high) matter almost as much as occupancy swings (about 1.3x between 70% and 90%).

Estimate: MetroEngines Research & Consulting (annual room revenue = room rate × 24 rooms × 365 days × year-round occupancy. Rates are listed prices for stays in November–December 2026, all-plan average, tax included, not estimated settled ADR. Occupancy rates are assumptions for the estimate, not Minn Ryogoku actuals or plan figures)

Ryogoku’s Demand Peaks — Weekdays +8–23% During Sumo, Median +15% on Fireworks Night, 98% Occupancy on Holiday Weekends

On the demand side, we look at how events unique to Ryogoku move nearby prices. Ryogoku Kokugikan hosts three grand sumo tournaments a year (January, May and September). During the September 2026 tournament (September 13–27), weekday (Mon–Fri) listed prices at 5 properties around Ryogoku Station were +8.7% to +22.7% higher than on weekdays before and after the tournament. For the January 2027 tournament (scheduled for January 10–24), January weekday prices published at the time of the survey are also set +7.9% to +17.2% higher during the tournament than on surrounding weekdays. An event that lifts weekday demand for 15 days straight is something only Ryogoku has in Tokyo. For how prices in the same area moved during the May tournament, see Sumo May 2026 x Hotel Demand: Ryogoku/Kinshicho ADR +76% Pre-Finale.

Source: MetroEngines Research & Consulting (listed prices, 2 guests per room, tax included, weekday average. September figures are actuals; January 2027 figures are listed levels as of late October 2026 and subject to change. Tournament dates are based on the Japan Sumo Association’s annual schedule)

As a one-off peak, the Sumida River Fireworks Festival (Saturday, July 25 in 2026) is big. Compared with the previous Saturday (July 18), listed prices on the day rose by a median of +15% across 6 properties. At the top end, Dai-ichi Hotel Ryogoku went from ¥33,100 to ¥70,600 (+113%) and fav Tokyo Ryogoku from ¥67,800 to ¥101,900 (+50%), reaching 1.5–2x a normal Saturday in a single day. Ryogoku faces the river and takes fireworks-viewing demand directly. Groups of 6 to 8 gathering to watch the fireworks from their room fits well with what large rooms offer. This article does not cover how prices around the area build up toward fireworks day, but the price jump on the day itself is clearly visible in the figures above.

On the other hand, Sumida-ku’s daily occupancy (estimated) in September 2026 averaged 82.8% on tournament weekdays, little different from 85.2% on non-tournament weekdays. In September, prices rose but inventory sold at a normal pace. Occupancy jumped over the autumn holiday weekend of September 19–22, reaching 98.1% and 98.6%, with almost all listed inventory in the ward gone and the average listed price reaching ¥45,700. Of the three peaks (holiday weekends, fireworks and sumo tournaments), the holiday-weekend type is the one where inventory sells out, while sumo tournaments are events where hotels capture demand through price.

Source: MetroEngines Research & Consulting (Sumida-ku, daily estimated occupancy and average listed price for September 2026, 26 properties / 3,181 rooms, based on major booking site listings. Based on observations within a 45-day lead time)

An Operator That Doesn’t Own and an Investor That Does — The Investor’s Return Structure in General Terms

Finally, we look at what this division of roles means for investors, within the limits of what has been published. The framework in SQUEEZE’s disclosure is that RS Investment Management pools institutional investor funds, forms an SPC and acquires and holds the property, while SQUEEZE owns no assets and provides operating services over the long term. This is the same structure as a J-REIT signing a lease or management contract with an operator. The investor’s income comes from rent or a share of operating income, and the operator’s income comes from operating fees. SQUEEZE’s operation-support room count grew from 9,059 at the end of December 2024 to 25,149 at the end of June 2026, which shows that its asset-light strategy of growing rooms without using its own capital is working.

From an investor’s point of view, large-room apartment hotels have three features. First, revenue per room is higher than at a double-occupancy business hotel, while the small room count keeps fixed costs (front desk and cleaning staff) low. SQUEEZE covers these with cloud reception and remote operations. Second, supply measured by guest capacity is larger than room-count statistics suggest. Minn Ryogoku’s 24 rooms hold 172 guests, but that is only 1.3% of the roughly 13,000 guests that the 6,624 active rooms within 1km would hold at double occupancy, not enough to move supply and demand in the area. Third, because demand comes mainly from inbound groups and families, these hotels are sensitive to swings in visitor arrivals. According to Japan National Tourism Organization (JNTO) estimates, international visitor arrivals in September 2026 were about 3.1 million (-5.0% YoY), the second consecutive monthly decline. By country and region, the mix keeps shifting, with Korea and Taiwan up and China down. The more a property relies on group stays, the more its revenue depends on operating decisions about which nationalities and group sizes to target.

On land prices, the 2026 published land prices for commercial land in Ryogoku rose +15.8% and +18.0% YoY at two benchmark sites (¥1.54 million and ¥1.31 million per m²), a high rate of increase for the area around central Tokyo. Because the acquisition price has not been disclosed, Minn Ryogoku’s yield cannot be discussed. Still, in an area where land prices keep rising, pairing SQUEEZE, which grows operated rooms without owning assets, with RS Investment Management, which owns assets using investor funds, is a division of roles suited to a period of rising acquisition costs. If future deals bring more disclosure, it will become possible to compare acquisition prices and contract types against operating results.

Summary

Minn Ryogoku is a property with few rooms but high capacity: 24 rooms and up to 172 guests. It opens with RS Investment Management owning the asset and SQUEEZE operating it. Within 1km of Ryogoku Station, business hotels account for 80% of the 6,624 rooms at 53 active properties, and rooms for 6 to 8 guests are very scarce. Sumida-ku’s estimated settled ADR was ¥14,300 in September 2026 (about ¥7,100 per person). Dividing published prices at the brand’s 5 existing properties by the number of guests shows that the per-person rate for 6–7 guests comes close to about 1.2x a double-occupancy business hotel. Sumo tournaments push weekday prices up +8–23%, and the Sumida River Fireworks Festival lifts prices on the day by a median of +15%. A product that earns from guest capacity, a location where event peaks are captured through price, and a capital structure that separates ownership from operation: with all three in place, we will be watching the operating results published after the December opening.

Frequently Asked Questions

Q. Where will Minn Ryogoku be located?
Only “Sumida-ku, Tokyo” and “scheduled to open in December 2026” have been disclosed. The street address and nearest station were not included in the report. This article analyzes a trade area within a 1km radius of Ryogoku Station.

Q. Are rooms for 6 to 8 guests more expensive than business hotels?
Per room, yes. However, dividing published prices at the brand’s 5 Tokyo properties by the number of guests gives ¥14,600–¥14,700 per person for 6–7 guests, close to about 1.2x a nearby double-occupancy business hotel room (about ¥12,400 per person).

Q. How are roles split between RS Investment Management and SQUEEZE?
RS Investment Management handles property acquisition, fundraising and structuring the investment scheme, while SQUEEZE handles operations and the technology platform. The two companies signed a comprehensive business alliance on the development and operation of lodging facilities on August 13, 2026.

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