Kasumigaseki Capital Sells Two Hotel Development Sites to Toray Construction, Retains Project Management Role
In August 2025, Kasumigaseki Capital Co., Ltd. announced the sale of two hotel development sites located in Kaminarimon 2-chome, Taito Ward, Tokyo, and Imaichi-cho, Izumo City, Shimane Prefecture, to Toray Construction Co., Ltd., marking both projects’ transition into the development phase. Kasumigaseki Capital will continue its involvement after the sale, having been commissioned by Toray Construction to provide project management services during the development stage and beyond.
The Asakusa site, situated near Kaminarimon Street, covers 251.61 square meters (approx. 2,709 sq. ft.) and will be developed into a 12-story reinforced concrete boutique hotel with a gross floor area of 1,122.22 square meters (approx. 12,081 sq. ft.) and 32 guest rooms. Construction is scheduled to begin in February 2026, with opening planned for May 2028.
The Izumo site, located in the north exit area of JR Izumoshi Station, spans 1,102.12 square meters (approx. 11,863 sq. ft.) and will feature a 10-story reinforced concrete regional city hotel with a gross floor area of 4,550.92 square meters (approx. 48,984 sq. ft.) and 96 guest rooms. Construction is slated to start in December 2025, with completion and opening targeted for January 2028.
Kasumigaseki Capital pursues an asset turnover model in which it sources and plans development sites, sells them to third parties to capture sales gains, and remains engaged through subsequent project management (PM) and asset management (AM) roles. In May 2025, the company sold a hotel development site in Shibuya to Asahi Kasei Homes Corporation, and in July 2025, it sold a hotel development site in Atami—both transactions accompanied by PM service agreements.
Key Facts
Project Name: Asakusa Kaminarimon Hotel Project
Buyer: Toray Construction Co., Ltd.
Seller: Kasumigaseki Capital Co., Ltd.
Transaction Price: Not disclosed
Location: 7-11 Kaminarimon 2-chome, Taito-ku, Tokyo
Nearest Station: Asakusa Station (Tokyo Metro Ginza Line / Toei Asakusa Line / Tobu Skytree Line), approx. 2-minute walk
Number of Floors: 12F
Total Guest Rooms: 32 (planned)
Gross Floor Area: 1,122.22 sqm (approx. 12,081 sq. ft.)
Completion: December 2027 (planned)
Project Name: Shimane Izumo Hotel Project
Buyer: Toray Construction Co., Ltd.
Seller: Kasumigaseki Capital Co., Ltd.
Transaction Price: Not disclosed
Location: 1261-8 Tsukane, Imaichi-cho, Izumo-shi, Shimane Prefecture, and others
Nearest Station: Izumoshi Station (JR Sanin Main Line), approx. 3-minute walk
Number of Floors: 10F
Total Guest Rooms: 96 (planned)
Gross Floor Area: 4,550.92 sqm (approx. 48,984 sq. ft.)
Completion: September 2027 (planned)