Nippon Hotel & Residential Investment Corporation To Sell Oedo Onsen Monogatari in Atami for JPY 3.05 Billion
Nippon Hotel & Residential Investment Corporation announced on November 4, 2026, that it will sell Oedo Onsen Monogatari Premium Atami, a resort hotel in Sakimi-cho, Atami, Shizuoka Prefecture, and terminate the lease on the property. The scheduled sale price is JPY 3.05 billion, and delivery is scheduled for December 11. The buyer is a domestic operating company, whose name has not been disclosed.
The property is about a seven-minute walk from Atami Station on the JR Tokaido Shinkansen, Tokaido Line and Ito Line. Completed in 1959, the 12-story building has 76 guest rooms and has been extended five times between 1977 and 2016. From June 2025 to May 2026, the occupancy rate was 89.5% and the ADR was JPY 50,049.
The investment corporation acquired the facility in 2016 for JPY 2.997 billion and has leased it to GENSEN HOLDINGS under a fixed-term building lease agreement running through August 2043. The lease will be terminated in conjunction with the sale.
The investment corporation had been considering the property, which is more than 67 years old and the oldest in its portfolio, as a candidate for sale because capital expenditures and repair costs could increase in the future. Although the scheduled sale price is below the appraisal value of JPY 3.5 billion, it exceeds the book value of about JPY 2.478 billion, and a gain on sale of about JPY 491 million is expected. The appraisal NOI yield based on the scheduled sale price will be about 6.6%.
The investment corporation classifies facilities leased by GENSEN HOLDINGS or Leoma Unity as Oedo Onsen facilities and has been working to reduce their share of its portfolio. With this sale, the share of Oedo Onsen facilities will fall from 42.4% to 39.7% on an acquisition price basis, leaving eight facilities, including Oedo Onsen Monogatari Leoma Resort in Marugame, Kagawa Prefecture, and Oedo Onsen Monogatari Premium Kinugawa Kanko Hotel in Nikko, Tochigi Prefecture.
Key Facts
- Property Name: Oedo Onsen Monogatari Premium Atami
- Seller: Nippon Hotel & Residential Investment Corporation
- Buyer: Undisclosed (one domestic operating company)
- Asset Type: Real estate
- Scheduled Sale Price: JPY 3.05 billion
- Appraisal NOI Yield (based on scheduled sale price): Approximately 6.6%
- Contract Date: November 4, 2026
- Scheduled Sale Date: December 11, 2026
- Location: 8-3 Sakimi-cho, Atami, Shizuoka Prefecture
- Nearest Station(s): About a seven-minute walk from Atami Station on the JR Tokaido Shinkansen and Tokaido Main Line
- Completion: February 27, 1959
- Number of Floors: 12F (reinforced concrete and steel frame construction)
- Number of Rooms: 76
- Area: Site area of approximately 625 tsubo (approx. 22,200 sq. ft.) / Gross Floor Area of approximately 2,562 tsubo (approx. 91,200 sq. ft.)
- Occupancy: 100.0% (as of May 31, 2026)
- Number of Tenants: 1 (GENSEN HOLDINGS Co., Ltd.)
- Property Management Company: GENSEN HOLDINGS Co., Ltd.