Apartment hotels go mainstream in Tokyo as long-stay and group travellers drive accommodation spending

公寓式酒店在東京走向主流：長住及多人同行旅客帶動住宿消費

Published 7 October 2026 as part of the Weekly Market Review series, a retrospective review of each week since May 2026.本文於2026年10月7日發表，屬「每週市場回顧」系列，逐週回顧2026年5月以來的市場。

In the week of 13 July 2026 the Japan Tourism Agency's second-quarter survey showed accommodation was the largest item of inbound spending, at 37% of ¥2.51 trillion, and that visitors from the US, Australia and Europe stayed 10–16 nights on average. In the same week Polaris was due to open a 25-room apartment hotel near Tokyo Skytree, following ORIX's launch of a 78-room apartment-hotel brand in Asakusa earlier in July. Listed-REIT data show such products running at very high occupancy, though with softer room rates. We look at what the format must deliver, and where the risks lie, for an institutional exit.

2026年7月13日當週，觀光廳第二季調查顯示，住宿費是訪日消費的最大項目，佔2.51兆日圓的37%；來自美國、澳洲及歐洲的旅客平均停留10至16晚。同週，Polaris在東京晴空塔附近的一間25室公寓式酒店按計劃開業；此前7月初，ORIX已在淺草推出78室的公寓式酒店新品牌。上市REIT數據顯示，同類產品入住率極高，但房價略為回軟。本文探討這種業態要達到機構退出的標準須具備甚麼，以及風險所在。

1. Demand: second-quarter 2026 inbound spending was ¥2.5096 trillion (+0.2%, preliminary), with accommodation the largest item at 37.0%; average stays ranged from 3.6 nights for South Korean visitors to 15.3 nights for Australians.
2. Supply: ORIX Hotel Management opened Cross Suites Tokyo Asakusa (78 rooms, up to nine guests via connecting rooms) on 3 July, and Polaris scheduled KOKO HOTEL Residence Tokyo Oshiage (25 rooms with kitchens and washing machines) to open on 16 July.
3. Evidence and risks: two Asakusa apartment-style hotels in a listed REIT ran at 95–97% occupancy in May, at about twice the portfolio's average room rate, but with ADR down 1–8% year on year; Tokyo's revised accommodation tax from April 2027 exempts stays under ¥13,000 per person per night.

1. 需求：2026年第二季訪日旅遊消費為2.5096兆日圓（+0.2%，初步數字），住宿費佔37.0%為最大項目；平均停留由韓國旅客的3.6晚至澳洲旅客的15.3晚不等。
2. 供應：ORIX酒店管理於7月3日開設Cross Suites Tokyo Asakusa（78室，連通房最多可住九人）；Polaris的KOKO HOTEL Residence東京押上（25室，設廚房及洗衣機）定於7月16日開業。
3. 證據與風險：一隻上市REIT持有的兩間淺草公寓式酒店5月入住率達95%至97%，房價約為組合平均的兩倍，但ADR按年下跌1%至8%；東京2027年4月起的新住宿稅，對每人每晚13,000日圓以下的住宿免稅。