Tokyo's Imperial Hotel to come to be rebuilt

Imperial Hotel Ltd said it'll rebuild its renowned luxury hotel on central Tokyo at a price as high as 250 billion yen in anticipation of post COVID-19 visitor demand amid a construction boom on luxury accommodations across the country.

The construction of the primary building and the adjacent tower is scheduled to get started in fiscal 2031 and 2024 and become completed by fiscal 2036 and 2030, respectively, according to the hotel operator's recently announced plan.

The hotel was established in 1890 as a state guest house. Charlie Chaplin, Marilyn Monroe and Helen Keller have been among its famous friends. The main building features since been redone 3 x, with the current structure built over 50 years back, as the adjoining tower was made 38 years ago.

Mitsui Fudosan Co, the major shareholder of Imperial Hotel, can purchase part of the plot the tower is situated to help fund the rebuilding method, based on the hotel. The house developer will work on redeveloping the area alongside nine other companies.

Imperial Resort expects a net loss of 14.8 billion yen for the fiscal year ending March 2021, as the coronavirus pandemic dented inbound tourists amid fierce competition with foreign brand high-end hotels.

Foreign people to Japan plunged 87.1 percent to 4.12 million people in 2020, the major percentage drop since 1964 when comparable data became available, in line with the Japan Tourism Agency.

Imperial Resort hopes to attract even more customers with the new structures, as its rivals did. Mori Building Co designed a 52-story skyscraper in 2014 in Tokyo, which homes the Andaz luxury hotel, the main Hyatt group. The developer as well announced in 2019 a massive redevelopment task in the Toranomon-Azabudai district in central Tokyo, including the construction of an extravagance hotel in 2023.