Driving long-term value creation in Japan’s regional areas through the Atona Impact Fund.

Hyatt Hotels Corporation, Kiraku, Inc. and Takenaka Corporation announced the final close of Atona Impact Fund, a real estate fund dedicated to actively investing in development projects under the Atona brand, a modern luxury hot spring ryokan (Japanese-style inn) joint venture between a Hyatt affiliate and Kiraku.

In addition to the initial investors announced at the fund’s first close in May 2024—Takenaka Corporation , which joined as a General Partner alongside a Hyatt affiliate, and Kiraku—the fund has also raised capital commitments from Aratama Corporation Co., Ltd., Cool Japan Fund Inc., Humble House Hotel Co., Ltd., MUFG Bank, Ltd., and others, bringing the total fund size to 22 billion yen (approximately 149 million US dollars).

About Atona Impact Fund

The Atona Impact Fund is a real estate fund dedicated to investing in the development and renovation of ryokans to be operated under the Atona brand. Amidst growing enthusiasm for travel across Japan, the fund aims to identify and invest in unique, high-quality tourism assets, with the ultimate goal of enhancing the long-term value and fostering the sustainable development of Japan’s regional areas.

About Atona

In 2022, Kiraku and a Hyatt affiliate formed Atona Co., Ltd., a strategic joint venture to develop a collection of new luxury onsen (hot spring) ryokans targeting sophisticated global travelers. Atona Co., Ltd. is comprised of seasoned professionals in international hotel management and operations who have a deep understanding of Japanese culture. Leveraging Kiraku’s experience in regional business development and private equity investments, combined with Hyatt’s expertise in global hospitality, Atona-branded ryokans are set to expand their presence across Japan, offering worldly travelers an authentic experience with contemporary comforts as they discover the quintessential charms of the country.

Each Atona property will typically feature 30 to 50 guestrooms, onsen facilities using natural hot spring water from the local landscape, and open kitchen restaurants and bars showcasing seasonal ingredients. Guests can also look forward to wellness experiences centered around the onsen, as well as curated activities that highlight the unique culture and charm of each region.

For more details about the Atona brand, please click here.

Fund Overview

• Name: Atona Impact Fund
• Fund Size: 22 billion yen (approximately 149 million US dollars)
• Investment Focus: Japanese real estate
• General Partner: Atona Impact Fund GP（A joint venture between Hyatt and Kiraku, and Takenaka as an investment partner）