Hotel Okura, Trinity Investments launch Nikko Style hotel brand in Japan
Japan-based Hotel Okura has launched an upscale hotel brand called Nikko Style in a joint venture with Trinity Investments, a US-based private real estate firm with experience in hospitality space.
The upscale brand will soon be introduced in Japan and will be targeted at travellers seeking new experiences.
Trinity is planning to raise upto $300m of equity to fund the Nikko Style chain.
Trinity president and CEO Sean Hehir said: "Japan's hotel inventory is arguably the most underserved amongst developed countries worldwide, with little segmentation by major brand companies into the upscale select service space where branding and value-driven price points will be highly attractive to the country's new visitor demographic.
“This collaboration with our long-standing partner Hotel Okura on Nikko Style will serve to fill this void, allowing for the rapid penetration of a new but familiar brand throughout Japan and then, utilising our respective companies' worldwide networks, into selective gateway cities in other Asian countries, North America and Europe."
The first hotel under the new brand is slated to open in 2020.
The brand aims to open 20 to 30 hotels in different cities such as Tokyo, Osaka, and Fukuoka, with plans for expansion in other parts of Asia, North America and Europe as well.
This move comes as the Olympic Games are scheduled to be held in Tokyo in 2020, which will increase the count of inbound tourists.