A once-faded honeymoon hot spot is getting a new lease on life thanks in part to Chinese investment, with industry insiders predicting that more hot spring hotels will be the beneficiaries of an exodus of money from China.
The abandoned Tsuruya Ryokan, a former luxury inn occupying a prime location in the city of Atami 90 kilometers from Tokyo, was once a magnet for vacationers thanks to its ocean views and hot springs. As Japan’s economy sputtered and honeymooners opted for other locations such as Hawaii, the hotel became a symbol of Atami’s fading fortunes.
Things turned around in 2017 when a Hong Kong-based company bought the dilapidated premises, and spent ¥25 billion ($186 million) transforming it into a facility boasting 87 rooms, each with its own open-air hot spring bath and butler service. Following the cash injection from Glory Champion Enterprises, the Atami Pearl Star Hotel opened in September last year.