Hyatt and Kiraku have unveiled plans for the launch of ATONA, a new luxury hot spring ryokan brand that represents traditional Japanese inns.

The two parties plan to launch open properties under the new brand in Yufu, Yakushima, and Hakone by 2026.

ATONA, a joint venture between Hyatt and Kiraku, aims to target global travellers seeking authentic Japanese-style hospitality.

The hospitality company also announced the first close of the Atona Impact Fund, a real estate fund for ATONA ryokan development projects.

The fund has secured an initial investment of around $64m, with contributions from affiliates of Hyatt and Kiraku, as well as Takenaka Corporation. The fund’s final target is nearly $128m.

Hyatt Japan and Micronesia vice-president Sam Sakamura said: “Through the ATONA brand, we look forward to introducing Japan’s hot springs and new destinations to our World of Hyatt members, and international and domestic travellers alike.

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“With Kiraku’s expertise in deal sourcing, asset management and business development, the ATONA brand is poised to meet the rising demand for high-end ryokans.”

 ATONA represents a strategic collaboration between Hyatt and Kiraku, established in 2022 to create a luxury onsen ryokan business.

The venture is led by COO Satoshi Watanabe and combines Kiraku’s regional development expertise with Hyatt’s global hospitality experience.

ATONA will be the first brand in Hyatt’s portfolio to originate from Japan.

Kiraku founder and CEO Kou Sundberg said: “Aside from reaching valuable guests through World of Hyatt, the industry’s fastest-growing loyalty programme, this collaboration enables us to leverage Hyatt’s global expertise to deliver high operational efficiency and exceptional guest experience and focus on long-term capital appreciation and substantial investor returns.

“We are delighted to have identified prime locations for the first ATONA ryokans and successfully secured funding for the Atona Impact Fund.”

Earlier this year, Hyatt opened its first Hyatt House-branded property in Tokyo, Japan.