Japanese onsen operator to be bought by US private equity firm ahead of Tokyo Olympics 2020
by Helen Andrews | 20 Feb 2015
At Ooedo-Onsen-Monogatari, there is a traditional-style street with attractions based on the days when Tokyo was known as Edo / Ooedo-Onsen-Monogatari
Japanese hotel and spa operator Ooedo-Onsen Holdings is being bought by US private equity firm Bain Capital Partners in a bid to capitalise on tourism ahead of the Tokyo 2020 Olympic Games.
Bain will buy out shareholders in the Japanese company, including its president, for an undisclosed sum.
In a statement, Bain said Ooedo-Onsen sales have risen approximately 30 per cent annually since 2007. Best known for its Ooedo-Onsen-Monogatari “spa themepark” on the man-made island of Odaiba in Tokyo Bay, the firm expects revenue of about JPY35bn (US$294m, €258m, £190m) for the fiscal year ending in February, derived from its 29 hotels and spas nationwide.
The Ooedo-Onsen-Monogatari facility opened in 2003 and includes Japanese-style buildings with baths fed by natural hot springs starting 1,400m underground, in addition to open-air baths, a garden footbath and many other hot spring baths. There is also a traditional-style street with attractions based on the days when Tokyo was known as Edo. This street hosts massage parlours, events and entertainment, accommodation, fortune-telling, restaurants and other cultural leisure offerings.
Japan is seeking to raise the number of foreign tourists by relaxing some visa regulations and extending the sale of tax-free items, according to Reuters.
The Japan National Tourism Organisation measured a record 13.4m foreigners visiting Japan in 2014, a 29 per cent increase from 2013. The government has also set a target of 20m visitors a year by 2020 when Japan will host the Olympic Games in venues across the capital.
06 Oct 2014
Britain to share tourism expertise with Japan ahead of Tokyo Olympics
03 Jun 2014
Tokyo's US$1.58bn Olympic stadium gets the go ahead
28 Nov 2013
Tokyo Olympics stadium plans scaled down
Japanese hotel and spa operator Ooedo-Onsen Holdings is being bought by US private equity firm Bain Capital Partners in a bid to capitalise on tourism ahead of the Tokyo 2020 Olympic Games. Bain will buy out shareholders in the Japanese company, including its president, for an undisclosed sum. In a statement, Bain said Ooedo-Onsen sales have risen approximately 30 per cent annually since 2007. Best known for its Ooedo-Onsen-Monogatari “spa
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