Maximizing Profit Through Whole-Building Renovation: 'illi Stays,' Boasting Over 90% Annual Average Occupancy, Transforms an Old Office Building into a Boutique Hotel. 'illi Haku Asakusa' to Open in March 2026.

BARE NOTE STUDIO Co., Ltd. (Shibuya-ku, Tokyo; Representative Director: Ikumi Kuroki; hereinafter BNS), which plans, develops, and operates "illi Stays," a hotel specializing in group stays, will open "illi Haku Asakusa" in Asakusa, Taito-ku, in March 2026. This will be the brand's first full-building renovation property.

This project is an initiative to regenerate an entire old building with declining liquidity into a highly profitable accommodation asset, based on the strong operational track record of "illi Stays," which boasts an annual average occupancy rate of over 90% and an average stay of more than 3 days across all its properties. "illi Haku Asakusa" was born from the convergence of the building owner's desire, who has been running a business since 1968, to "regenerate while preserving history," and BNS's vision to "design spaces that change lives." Moving beyond the conventional unmanned operation model of "illi Stays" on upper floors or per-floor units, this project realizes a manned, whole-building system with a 24-hour front desk and lounge. By further enhancing hospitality and comprehensively addressing a wide range of accommodation needs, BNS will establish a stable value-up model that is independent of the surrounding office rental market.

Going forward, BNS will further strengthen its collaborations with fund-related companies and developers, and will fully embark on participation in large-scale projects.

Room 502

Project Background | Establishing a Regeneration Model that Transforms Old Buildings into "High-Profit Assets"

In fiscal year 2025, BNS's hotel brand "illi Stays" rapidly expanded its business scale by opening 13 new properties, reaching a total of 23 properties by the end of March 2026. It has maintained a stable operational track record, with an annual average occupancy rate exceeding 90% across all properties and an average stay of more than 3 days. Building on this achievement, BNS has expanded its business domain from the conventional "per-floor unit" hotel development to "whole-building" real estate regeneration, fundamentally enhancing the asset value of entire buildings.

The core of this project lies in resolving the structural challenges faced by old buildings in urban centers. Generally, buildings with small floor areas often have low layout efficiency, making leasing difficult due to a mismatch with modern needs. BNS redefines this physical constraint by integrating sophisticated design with functionalities such as kitchens and washer-dryers, transforming what might be "too cramped for an office" into a "luxurious private space for accommodation."

At "illi Haku Asakusa," the brand's first full-building renovation, we will take a step beyond the conventional unmanned operation model on upper floors or per-floor units. By incorporating a 24-hour front desk and lounge, we will provide even more meticulous hospitality than before.