Articles in today's Nikkei and other major Japanese newspapers report on the announcement by the National Police Agency of implementation of changes to the Japanese "fuieho" (Entertainment Law) which will come into effect on 1 January 2011.
The article says this is first change in 26 years for the industry. The Police say that they currently have 3,590 hotels registered as "love hotels" under the fueiho ho; however, there are more than 30,000 other hotels which act in a similar way.
The NPA are trying to bring this industry under their supervision by requiring hotels which are defined as "love hotels" to require licensing from the Police and the Police say that they expect that the number of hotels subject to their jurisdiction will substantially increase.
Under the new laws, hotels will be defined as "love hotels" if they
1.advertise day time pricing or
2.allow customers direct access to rooms or
3. use the "in room payment machines" which have long been a "grey area" in this industry.
This is quite a significant development for this large Japanese industry - which some say is larger than Toyota - because licensing by the Police will reduce valuations of hotels and also liquidity in this market segment.
Due to the negative impacts on valuation and liquidity for hotels under Police licensing, we can expect cashed up hotel owners to renovate their properties so that they do not fall within the above definition of "love hotels"; but owners without the necessary funds will be in a difficult situation and will be squeezed.
Shinsei Bank and listed Japanese property fund, Kenedix both have direct holdings in leisure hotels and they may be required to dispose of these assets by TSX rules if the new laws impact their hotels.
They will be selling into a buyers market.
Previous post on Leisure Hotels - http://japanrealestatecommentary.blogspot.com/2010/01/japanese-retail-investors-look-to.html
http://www.nikkei.com/news/latest/article/g=96958A9C93819695E0E4E2E7968DE0E5E2E7E0E2E3E29180E2E2E2E2
http://www.jiji.com/jc/zc?key=%C9%F7%B1%C4%CB%A1&k=201005/2010052700249
http://mainichi.jp/select/wadai/news/20100527k0000e040019000c.html
http://sankei.jp.msn.com/affairs/crime/100527/crm1005271040012-n1.htm
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