KPG Group to build new hotel in Onna Village
KPG Hotel & Resort Group that owns seven hotels in Japan announced that it would open a new ‘Condo Hotel’ in spring 2016 adjacent to Kafuu Resort Fuchaku Condo Hotel.
KPG already owns Tokyo Dai-ichi Hotel Okinawa Grand Mer Resort and Kafuu Resort on Okinawa, and this would be the company’s third hotel on Okinawa.
In a condo hotel people can own a room and invest in it as an asset. At Kafuu Resort, which is also operated with this system, 249 rooms were sold out during the past three years. A room owner can provide the room as a guest room for hotel customers, and then receive rental fees four times per year.
The new hotel is planned to have 12 floors above the ground and one underground level. Its total floor area is 10,963 square meters. The construction is expected to be about ¥3,200 million. Occupancy rate for the first fiscal year is expected at 83.6%. The annual sales estimate is ¥670 million. There will be 84 rooms, and the average room size is 77 square meters. All are equipped with a kitchen and washing machine . Bathrooms are facing to the ocean. Sales price range is et between ¥24 and ¥100 million.
Tokyu Resort corporation which is the biggest real estate agency specializing in resort development and management in Japan will be in charge of sales. Kafuu Resort has a past record of earning 5% of interest on capital investment.
The company says they already have had inquiries from interested customers before even the decision was made to construct the new hotel. Tomoyasu Kato, the CEO of KPG Hotel & Resort said, “We will try to please new owners and also contribute to the local economy.”