Mori Trust acquires historic Hakone hotel

On May 18, Mori Trust announced that they had acquired the historic Gora Kansuirou Hotel in Hakone. The transaction took place in March 2017. The sale price was not disclosed.

The Gora Kansuirou Hotel was built in 1921 as the holiday home for the third son of Yataro Iwasaki, founder of Mitsubishi. The 2-storey wooden villa was built on 7 lots of land purchased in 1916 in the Gora subdivision. A member of the Kan’in-no-miya branch of the Imperial Family fell in love with the area after spending a summer as a guest at the home 1928, and purchased half of the grounds from Iwasaki to build their own villa (now the Gora Kadan Hotel).

The property was sold to the Suzuki family in in 1949 and opened up as a 14-room boutique-style hotel. The privacy, natural setting and hot springs saw the hotel become very popular with politicians, writers and royalty.

The hotel is a 3 minute walk from Gora Station and sits on a 15,700 sqm block of land. The hotel has a total floor area of 2,266 sqm (24,380 sq ft). Room rates range from 32,000 ~ 38,000 Yen per person, per night.

In 2014, Mori Trust acquired the nearby Hakone Seihokaku Terumoto Ryokan and plans to redevelop the 10,000 sqm site into an internationally-branded luxury hotel by 2020.

Hakone receives as many as 20 million tourists annually.

Location

Source: Mori Trust Press Release, May 18, 2017.

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