Hyatt Hotels and Kiraku, Inc. have announced that ATONA, the modern hot spring ryokan (Japanese-style inn) brand, will open properties in Yufu, Yakushima and Hakone. The ATONA brand was announced in 2022 under a joint venture between a Hyatt affiliate and Kiraku, a Japanese company dedicated to preserving valuable assets for future generations. The first ATONA inns are slated to open in 2026 across some of Japan’s hot spring destinations.
Each ATONA ryokan will embrace a “small luxury” concept focused on hot springs and unique destinations, with well-being and culinary experiences unique to their locales. ATONA properties will typically have 30 to 50 guestrooms and will offer restaurants with open kitchens and bars showcasing seasonal ingredients.
In 2022, Kiraku and a Hyatt affiliate, formed Atona Co., Ltd., a strategic joint venture to develop a new luxury onsen (hot spring) ryokan business targeting global travelers. The joint venture leverages Kiraku’s experience in regional business development and private equity investments in collaboration with Hyatt’s hospitality. The companies also announced the first close of Atona Impact Fund, a real estate fund that will invest in ATONA ryokan development projects, securing an initial funding of 10 billion yen (approximately $64 million). The first round investors include affiliates of Hyatt and Kiraku, as well as Takenaka Corporation, a Japanese construction firm. The fund is aiming for a final target of 20 billion yen (approximately $128 million) dedicated to investment in development and renovation projects for ATONA-branded ryokans. The fund aims to invest in unique and untapped quality assets and to enhance the long-term value of Japan’s regional areas.
The ATONA brand will be a core addition to Hyatt’s global portfolio and the first brand in the Hyatt portfolio to originate from Japan.
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