Japan government to help finance about fifty luxury hotels

Chief Cabinet Secretary Yoshihide Suga revealed over the weekend that the government was planning to assist the private sector in the financing of about fifty luxury hotels throughout Japan due to demand created by the increase in tourism.

“We’ll offer financial aid through the Development Bank of Japan using a fiscal investment and loan program in order to support hotel development,” Suga explained.

The government wishes to attract a larger number of affluent tourists to Japan, and in fact this is one of the key objectives of its push for the creation of three IRs in the second half of the 2020s.

Suga’s comments did not make clear whether or not luxury hotels within the prospective IRs will be eligible for the special government financial support.