Rakuten Lifull Stay Inc., which is co-owned by Rakuten Inc. (51 percent) and Lifull Co. Ltd. (49 percent), is all set to open its six-story hostel with 60 beds on Jun. 9; to expand its footprint in the vacation rental business.
The company didn’t disclose how much it invested in the steel-reinforced concrete building with a site area of 107.33 square meters and floor space of 484.74 square meters.
In a news statement, it said its objective is to promote diverse types of accommodation and serve overseas visitors to Osaka, where inbound demand is high. The group will continue to cooperate with real estate owners and partner companies to revitalize the accommodation and vacation rental market, by creating a wide range of attractive facilities for guests, it added.
Rakuten Lifull Stay Inc. is about to launch its guest house booking site VacationStay and monthly rental property site MonthlyHomes. It is waiting for a new law, that will allow private rental services for short-term accommodation, to come into effect later this month.
The joint venture has signed listing-sharing agreements with five vacation rental marketplaces: Austin-based HomeAway, South Korean Yanolja, Taiwanese AsiaYo.com, Beijing-based Tujia.com and Amsterdam-based Booking.com. For now, bookings for the hostel can be made via Booking.com and Rakuten Travel.
The nation’s biggest real estate classified in terms of traffic, Suumo.jp, also entered the vacation rental market in January by signing a listings-sharing agreement with U.S.-based rental apartment site AirBnB (we reported on it here).