Kyoto, Kyoto — Hotel Cap Rates & Price per Sqm
10 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
10
Median deal cap rate (last 12 months)
3.70%
Deal cap rate range (last 3 years)
3.50–3.90%
Avg. price (all time)
¥6.52bn
Properties appraised
9
Median appraisal cap rate
4.10%
Appraisal cap rate range
3.5–5.6%
Period ends
2025/08–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
3 Hotel transactions in Kyoto, Kyoto were disclosed in the last 12 months, with a median cap rate of 3.70%.
Transaction cap rate trend (each deal + quarterly median)
Last 5 years. Grey dots are individual deals; the red line is the quarterly median. The segment into the quarter in progress (deals so far) is dashed. Use the number of dots to spot quarters with few deals. Calculated from cap rates disclosed in acquisition/disposition notices (appraisal NOI yield at the time of each deal). These differ from periodic appraisals (current valuations), shown separately below. See the table below for individual sources.
Breakdown by ward
| Ward | Transactions | Cap rate |
|---|---|---|
| Shimogyo, Kyoto | 4 | 4.00% |
| Nakagyo, Kyoto | 3 | 3.50% |
| Minami, Kyoto | 1 | 3.70% |
| Sakyo, Kyoto | 1 | 4.10% |
All transactions (10)
| Ward | Source | |||||
|---|---|---|---|---|---|---|
| 2026.09 | A-FLAG Kyoto Shijo | Shimogyo | ¥11.50bn | 3.90% | 2014 · 12 yrs | REIT-IR ↗ |
| 2026.08 | RANDOR HOTEL KYOTO SUITE | Minami | ¥3.55bn | 3.70% | 2019 · 7 yrs | REIT-IR ↗ |
| 2025.12 | Candeo Hotels Kyoto Karasuma Rokkaku | Nakagyo | ¥4.80bn | 3.50% | — | REIT-IR ↗ |
| 2025.04 | MIMARU SUITES Kyoto Shijo | Shimogyo | ¥2.55bn | — | 2020 · 6 yrs | REIT-IR ↗ |
| 2024.02 | B-4 Hotel Intergate Kyoto Shijo Shinmachi | Nakagyo | ¥5.80bn | 3.90% | 2017 · 8 yrs | REIT-IR ↗ |
| 2023.09 | Hotel Wing International Premium Kyoto Sanjo | Sakyo | ¥3.20bn | 4.10% | 2020 · 5 yrs | REIT-IR ↗ |
| 2023.09 | Oriental Hotel Kyoto Rokujo | Shimogyo | ¥4.45bn | 4.30% | 2019 · 7 yrs | REIT-IR ↗ |
| 2022.08 | The Ritz-Carlton Kyoto | Nakagyo | ¥23.00bn | 3.50% | 2013 · 13 yrs | REIT-IR ↗ |
| 2020.04 | The Ritz-Carlton Kyoto (Additional Acquisition: Quasi-co-ownership 9%) | — | ¥4.32bn | 3.30% | 2013 · 13 yrs | REIT-IR ↗ |
| 2020.03 | Nest Hotel Kyoto Shijo Karasuma | Shimogyo | ¥2.01bn | 4.00% | 1989 · 37 yrs | REIT-IR ↗ |
Periodic appraisals (current valuations)
Each property’s latest period-end appraisal. Aligned in time, so current levels can be compared
Periodic appraisals (period-end valuations)
Kyoto · Hotel: 9 properties · period ends 2025/08–2026/07 · median 4.10% (3.5%–5.6%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| スマイルホテル京都四条Ichigo Hotel REIT Investment Corporation | 4.3% | ±0 | 2026/07 | Filing ↗ |
| スマイルホテル京都烏丸五条Mirai Corporation | 4.3% | – | 2026/04 | Filing ↗ |
| 星のや京都Hoshino Resorts REIT Investment Corporation | 5.6% | ±0 | 2026/04 | Filing ↗ |
| Candeo Hotels Kyoto Karasuma RokkakuOne REIT Investment Corporation | 3.5% | – | 2026/02 | Filing ↗ |
| B-4 Hotel Intergate Kyoto Shijo ShinmachiSankei Real Estate Investment Corporation | 3.8% | ±0 | 2026/02 | Filing ↗ |
| KOKO HOTEL京都三条Nomura Real Estate Master Fund, Inc. | 4.0% | – | 2026/02 | Filing ↗ |
| Oriental Hotel Kyoto RokujoJapan Hotel REIT Investment Corporation | 4.1% | ±0 | 2025/12 | Filing ↗ |
| イビススタイルズ京都ステーションJapan Hotel REIT Investment Corporation | 4.2% | ±0 | 2025/12 | Filing ↗ |
| Hotel Wing International Premium Kyoto SanjoNomura Real Estate Master Fund, Inc. | 4.0% | ±0 | 2025/08 | Filing ↗ |
Direct capitalization rates from each property’s latest period-end appraisal, for properties of the same use in the same city/ward (period ends within the last year; from J-REIT annual securities reports and results materials). These differ from acquisition cap rates (chart and deal list above) and compare current valuations regardless of deal timing. Values for the same property can differ by appraiser or ownership share. Reference information only, not a recommendation.
See appraisals in Kyoto · Hotel as a list →
FAQ
What is the average Hotel cap rate in Kyoto, Kyoto?
The median cap rate across 3 J-REIT disclosed transactions in the last 12 months is 3.70% (as of November 1, 2026, appraisal NOI yield basis).
What is the data source?
Timely-disclosure PDFs published on each J-REIT official IR page. Every record links to its source.