Tokyo Asset Solution and Partners Convert Aging Ryogoku Building into Hotel

illi Sui Asakusa-Ryogoku, a hotel converted from a building owned by Tokyo Asset Solution in Ishiwara 2-chome, Sumida-ku, Tokyo, opened in September 2026. BARE NOTE STUDIO (BNS), which operates the illi Stays hotels for group stays, handled planning, development and operation, and Muroi Shokai provided investment.

The property is a seven-minute walk from Ryogoku Station on the JR Sobu Line and Toei Oedo Line. Completed in 1990, the six-story building required a new use after its tenants moved out. The guest rooms are designed to accommodate up to eight guests.

Tokyo Asset Solution acquired the property in September 2025. The company regenerates real estate by sorting out the rights of aging buildings, improving their seismic performance and converting their uses, and in January 2025, it began its first hotel development project in Atami, Shizuoka Prefecture.

BNS operates a "real estate regeneration scheme" in which it handles everything from planning and design to post-opening operation for properties owned, or being considered for acquisition, by real estate companies and individual owners. Contract forms are set according to the characteristics of the property and the owner's policy, including fixed rent, fixed rent plus a percentage of sales, and management contracts. The total number of rooms under its illi brand exceeded 100 in summer 2026. In Sumida Ward, it also operates illi Mia Kinshicho (opened in September 2025) and illi Sen Oshiage (opened in August 2026).

Key Facts

• Hotel Name: illi Sui Asakusa-Ryogoku
• Owner: Tokyo Asset Solution Co., Ltd.
• Planning, Development and Operation: BARE NOTE STUDIO Inc.
• Investment: Muroi Shokai Co., Ltd.
• Design: moss. Inc.
• Building Construction: Three Life Co., Ltd.
• Location: 2-11-9 Ishiwara, Sumida-ku, Tokyo
• Nearest Station(s): Seven-minute walk from Ryogoku Station on the JR Sobu Line and Toei Oedo Line
• Completion: December 1990 (existing building)
• Opening: September 2026
• Number of Floors: 6F
• Use: Hotel
• Area: Gross Floor Area of approximately 221 tsubo (approx. 7,900 sq. ft.)