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Imperial Hotel Ltd. said Thursday that it will rebuild the Imperial Hotel Tokyo in the Japanese capital’s Chiyoda Ward by fiscal 2036, in anticipation of a tourist demand recovery after the coronavirus pandemic ends.

Imperial Hotel aims to boost its brand power through the replacement project. While the traditional upscale hotel has a global reputation, it is facing intense competition from foreign-brand luxury hotels and other venues.

The hotel was established in 1890. Its current Main Building, the third in its history, was opened in 1970, and the adjacent Tower Building in 1983.

It used to serve as Japan’s state guesthouse. Famous guests included Albert Einstein and Marilyn Monroe.

The project will be jointly conducted with major real estate firm Mitsui Fudosan Co., the hotel operator’s largest shareholder with a 30% stake. The total costs are estimated at around ¥200 billion to ¥250 billion.

The Tower Building is slated to be rebuilt from fiscal 2024 to fiscal 2030, and the Main Building will be rebuilt later.

The hotel will continue to operate while the project is underway.

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