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[Travel News]: Hotel occupancy, investment in Japan hinge on Summer Olympics

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The following is the [Travel News]: Hotel occupancy, investment in Japan hinge on Summer Olympics from [CoStar] recommended by TheTourAttraction.com:

One major problem is the near-total absence of international travelers, although occupancy on the books is high around the rescheduled dates for the Olympics.

Hotel development, openings and revenue management in Japan are in a world of uncertainty due to the ongoing saga over whether the postponed Tokyo Summer Olympics will even take place in 2021.

The Tokyo games are now scheduled July 23 through Aug. 8, but a final decision to go ahead is expected later this month. It is unlikely the event would be moved to 2022 or beyond.

One possibility is that the Olympics go ahead this year but without spectators, a decision that would be of no use in filling hotel rooms and helping investors recoup investment.

Hiroyuki Mizuno, executive officer and SVP of sales and marketing at Tokyu Hotels, said his firm is preparing with the understanding that the Olympics will be held, but the working scenario is difficult.

Nevertheless, he said he believed the hotel investment environment in Japan, including Tokyo, is good.

Tokyu’s Mizuno said one major problem is the near-total absence of international travelers, although occupancy on the books is high around the rescheduled dates for the Olympics.

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