News Releases

Hyatt and Kiraku Announce Plans for New Luxury Hot Spring Ryokan Brand ATONA in Locations Across Japan in 2026
The first round of funding secured 10 billion yen for the Atona Impact Fund

CHICAGO/TOKYO (May 27, 2024) Hyatt Hotels Corporation (NYSE: H) and Kiraku, Inc. (“Kiraku”) today 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 ryokans are slated to open in 2026 across some of Japan’s top hot spring destinations and areas of natural beauty.

Hyatt and Kiraku also announced the first close of Atona Impact Fund, a real estate fund that will actively invest in ATONA ryokan development projects, securing an initial funding of 10 billion yen (approximately 64 million US dollars). First round investors include affiliates of Hyatt and Kiraku, as well as Takenaka Corporation, a leading Japanese construction firm. The fund is aiming for a final target of 20 billion yen (approximately 128 million US dollars).

“Hyatt is a leading global hospitality company that is synonymous with elevated contemporary luxury. Aside from reaching valuable guests through World of Hyatt, the industry's fastest growing loyalty program, this collaboration enables us to leverage Hyatt’s global expertise to deliver high operational efficiency and exceptional guest experience and focus on long-term capital appreciation and substantial investor returns,” said Kou Sundberg, founder and chief executive officer of Kiraku. “We are delighted to have identified prime locations for the first ATONA ryokans and successfully secured funding for the Atona Impact Fund. Having already partnered with Takenaka Corporation to restore a heritage sake brewery in Nagano, we are excited to expand our collaboration with more regional revitalization projects.”

“Through the ATONA brand, we look forward to introducing Japan’s hot springs and new destinations to our World of Hyatt members, and international and domestic travelers alike. With Kiraku’s expertise in deal sourcing, asset management and business development, the ATONA brand is poised to meet the rising demand for high-end ryokans,” said Sam Sakamura, Hyatt’s vice president, Japan and Micronesia. “At Hyatt, we believe business is personal. We are excited to work with Kiraku and are grateful for the trust from Takenaka Corporation, with whom we have nurtured a long-standing relationship through various global projects, as we introduce fresh hospitality experiences to Japan.”

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 sophisticated global travelers. Atona, led by chief operating officer Satoshi Watanabe, is comprised of seasoned professionals in international hotel management and operations who have a deep understanding of Japanese culture. The joint venture leverages Kiraku's experience in regional business development and private equity investments in combination with Hyatt's expertise in global hospitality.

“ATONA” is an expression of deep connection – a combination of two old Japanese words (吾汝) that means “me and you.” It embodies the joy of spending time with loved ones, away from the bustle of everyday life, providing guests with bespoke experiences that connect them to the land through meaningful encounters with the local culture, nature and activities. Each ATONA ryokan will embrace a “small luxury” concept focused on hot springs and unique destinations, with wellbeing and culinary experiences unique to their locales. Featuring modern design grounded in Japan’s rich cultural heritage and history, ATONA properties will typically have 30 to 50 guestrooms, and will feature restaurants with open kitchens and bars showcasing seasonal ingredients.

Kenya Hara, one of Japan’s leading designers, serves as brand director of ATONA and brings extensive knowledge of Japanese traditions and aesthetics. Joining him are architects Shinya Kojima and Ayaka Kojima of kooo architects – a Tokyo and Shanghai-based practice dedicated to crafting spaces that foster community, rejuvenate human connections and preserve local craftmanship.

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. Honoring the traditions of ryokan culture, ATONA ryokans will be poised to offer worldly travelers an authentic experience with contemporary comforts as they discover the quintessential charms of Japan.

About Atona Impact Fund
With a final target size of 20 billion yen, the Atona Impact Fund is a real estate fund dedicated to investment in development and renovation projects for ATONA-branded ryokans. Amidst a recovering tourism market and growing interest in regional travel in Japan, the fund aims to invest in unique and untapped quality assets, and ultimately contribute to enhancing the long-term value of regional areas of Japan.

According to the Japan National Tourism Organization, Japan welcomed a record level of nearly 32 million international visitors in 2019 and aim to increase by 60 million visitors by 2030. Moreover, from 2016 to 2019, there was a 45% surge in the number of international visitors to regional areas of Japan, surpassing the 19% increase seen in visits to the three major metropolitan areas of Tokyo, Osaka, and Nagoya.

Through the fund’s purposeful investments and driven by a seasoned team of diverse backgrounds, the ATONA brand will serve as a bridge to connect Japan's regional areas with the world.

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The term "Hyatt" is used in this press release to refer to Hyatt Hotels Corporation and/or its affiliates.

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About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2024, the Company's portfolio included more than 1,300 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®Grand Hyatt®Hyatt Regency®Hyatt®Hyatt Vacation Club®Hyatt Place®Hyatt House®Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®Alila®Andaz®Thompson Hotels®Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by SecretsHyatt Ziva®Hyatt Zilara®Zoëtry® Wellness & Spa ResortsSecrets® Resorts & SpasBreathless Resorts & Spas®Dreams® Resorts & SpasHyatt Vivid Hotels & ResortsAlua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit

About Kiraku, Inc.
Kiraku provides innovative and sustainable business solutions for undervalued assets in Japan, including unique cultural and natural resources in regional areas. Its mission is centered on value creation and sustainability: to identify, design, and capitalize on unique business opportunities that not only create long-term value for investors, various stakeholders and communities, but also preserve Japan’s rich cultural and natural heritage for future generations. Kiraku comprises a team of specialists on-the-ground in Japan with expertise in finance and creative domains. The company operates from bases in Kyoto and Tokyo, overseeing projects across Japan. For more information, please visit:

Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable when made, are inherently uncertain, and are subject to numerous assumptions and uncertainties, many of which are outside of Kiraku or Hyatt’s control, which could cause actual results, performance or achievements to differ materially from those expressed in or implied by such statements.  Forward-looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold, except to the extent required by applicable law.  If one or more forward-looking statements is updated, no inference should be drawn that any additional updates will be made with respect to those or other forward-looking statements.

Hyatt Media Contact:
Angelina Hue

Kiraku Media Contact:
Alisa Yoshida