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THE OLYMPIC GAMES DID NO GOOD: A WAVE OF BANKRUPTCIES COVERED HOTELS OF JAPAN

... Japan Today. The media outlet cites data from the Tokyo Shoko Research agency’s research, according to which 57.3% more hotels went bankrupt last year than in 2019. Out of the 188 hotels that filed for bankruptcy, 55 companies named losses caused by the pandemic as the cause of the financial collapse. According to the Japan Travel Agency, the demand in Tokyo's luxury hotels (The Okura, Prince Park Tower) is still supported by IOC representatives who have come from abroad and are able to pay for their accommodation during the Olympics. The same cannot be said about inexpensive and middle class hotels, where the decline ...

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