Hyatt and Kiraku fund first hotels in Japan under new joint venture

International news
Hyatt Hotels has taken the first steps to construction of its new Japanese-based hotel brand featuring hot springs, ATONA with the funding of three developments in regional Japanese locations.

Hyatt Hotels and development partner Kiraku have announced the first close of a new fund that will back the pair’s new chain of hotels in Japan. Their ATONA brand, launched in 2022, will provide a modern take on the traditional Japanese ryokan hotel with hot springs, with the first properties now due to open in 2026.

To back the development of the new properties, the pair created the Atona Impact Fund, and have both committed financially to it alongside investment partner Takenaka Corporation, a major Japanese construction group. The combined input of JNY10bn is halfway towards a planned target of JNY20bn to cover all projected investment needs. Initially, work will start on three hotels, in Yufu, Yakushima, and Hakone.