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You can't put a price on love: while the Japanese economy saw its worst performance on record in the first quarter of this year, the country's AIM-listed provider of “love hotels”, which rents out rooms by the hour, said it is flourishing despite the recession.
This is because its properties play host to the one activity that the country won't cut back on.
The euphemistically named Japan Leisure Hotels (JPLH) said sales rose 5% to 590.7 million yen (£4 million) for the six months to June, with occupancy levels at 240% because Japanese culture places “a premium on privacy”.
Customers, mainly young adults seeking passion away from family homes where walls have ears, are flocking to JPLH's six properties in a country which hosts more than 25,000 love hotels, raking in some £30 billion a year.
The firm said adult couples of all ages are “continuing to visit, even in these challenging economic times”.
Now it is looking to expand, eyeing up rival love-hotel groups, where owners are facing financial difficulty and looking to offload properties.
Chairman Alan Clifton said: “The leisure hotel industry in Japan is well protected from recessionary forces. We continue to explore a range of options to secure appropriate funding to buy further hotels and remain confident of executing our long-term growth strategy.”
