Frasers Hospitality Group will open its first serviced residence in Tokyo by 1Q/2020. The 223 unit serviced residences will be called Frasers Suites Tokyo and is located in the premier district of Monato-ku, Akasaka.

The group is partnering Japan’s leading property and real estate developer, Sekisui House to redevelop a four-storey commercial building that is currently sitting on the site into a 23-storey serviced residence. According to Fraser Hospitality, the redevelopment cost is expected to come up to $296 million.

The upcoming Frasers Suites Tokyo is located in close proximity to prime commercial and residential developments, foreign embassies and the Prime Minister’s official residence. It is also near Tokyo’s main transportation hubs such as Akasaka station, Akasakamitsuke station and Aoyamaicchome station, which allows for quick and easy access around Tokyo and across cities.

“Japan is a very important market and one of the industrial and economic leaders in the Asia Pacific region. Fraser Suites Tokyo is slated to open in time for the 2020 Summer Olympics,” says Choe Peng Sum, CEO of Frasers Hospitality Group.

According to the Japan National Tourism Organization, Japan has witnessed a robust growth in international tourists over the last few years. In 3Q2015, the number of recorded arrivals grew by 47% y-o-y to 11.1 million.

“Along with the government’s plan to achieve its target of 40 million visitors by 2020, we will expect to see a rise in room rates against the backdrop of increasing demand. We hope to continually increase our portfolio in central Japan,” adds Choe.

Once completed, the serviced residence will offer a selection of studio and one-bedroom apartments with size ranging from 376 sq ft to 645 sq ft. It will also include facilities such as a fully-equipped 24-hour gymnasium, a golf simulator, an alfresco dining restaurant with beer garden, a 140sqm conference and meeting facility and the signature Retreat, where one can rest and relax amidst a tranquil setting.