Celebrating a Decade of International Collaboration – Hospitality Finance and Economics Conference

The 10th Hospitality Finance and Economics (HFE) Conference took place on 28–29 June 2026 at the Chiyoda Campus of Hitotsubashi University in Tokyo, Japan. Located in central Tokyo near the Imperial Palace and the famous Jimbocho book district, the Chiyoda Campus offered a distinctive setting rich in both history and intellectual culture. The conference brought together academics and industry experts from institutions across Asia, Europe, and North America, creating an intimate but highly international environment for scholarly exchange. Jointly organized by Hitotsubashi University, EHL Hospitality Business School and the National University of Singapore (NUS), the conference marked an important milestone as the HFE community celebrated its tenth annual gathering.

HFE turns 10! The 10th Hospitality Finance and Economics (HFE) Conference

Since its founding, the HFE Conference has steadily grown into an internationally recognized forum where academics and industry leaders come together to exchange ideas at the intersection of hospitality, finance, real estate, urban economics and the built environment. The 2026 conference perpetuated this tradition by welcoming researchers and practitioners from universities and organizations across Asia, Europe and North America. Throughout the two-day program, participants engaged in lively discussions on topics ranging from artificial intelligence and PropTech to hospitality investment, urban policy, corporate governance, climate change, housing markets and demographic transformation.

Meaningful dialogue is the defining characteristic of the HFE Conference. Every paper presentation was followed by formal comments from an assigned discussant before the floor was opened to the audience. So what’s different? The conference’s intimate format is conducive to constructive feedback, interdisciplinary thinking and the development of future collaborations.

Day One: Innovation, Technology and the Future of Real Estate

The conference opened with welcoming remarks by Professor Chihiro Shimizu of Hitotsubashi University, setting the stage for two days of stimulating academic exchange. The first day’s paper sessions explored innovations in real estate markets, information frictions and urban policy, featuring research on generative AI, real estate tokenization, housing market dynamics and global capital allocation.

A highlight of the opening day was the Industry Keynote Address delivered by Mr. Raja Seetharaman, Co-Founder of Propstack, whose presentation, “PropTech, Data Analytics and the Future of Real Estate,” examined how technological innovation is reshaping the real estate industry.

Reflecting on the recent developments in the PropTech sector, Raja described how the industry has emerged from several years of market correction with a renewed emphasis on sustainable growth, operational excellence and high-quality proprietary data. Moving away from a growth-at-all-costs mentality, investors are increasingly eyeing companies capable of combining robust data assets with disciplined business models.

A central message of the keynote was that data has become the new core of real estate. Data and analytics now underpin every stage of the property lifecycle—from mortgage underwriting and construction management to commercial asset management, tenant experience, valuation and investment decision-making. Leveraging proprietary data is key to creating a long-term competitive advantage.

Raja also distinguished between predictive AI (which improves forecasting and operational efficiency through historical data analysis) and generative AI, which will fundamentally redesign workflows and business processes. He remarked that the industry is steadily moving toward “space-as-a-service,” where flexibility, customer experience, hospitality and data-driven operations become increasingly important sources of value creation.

The keynote, focused on GenAI and other themes, set the tone for the conference and resonated throughout subsequent research presentations that went on to explore related issues in hospitality and real estate markets.

Day Two: Demographic Change and Long-Term Economic Perspectives

One of Japan’s most distinguished economists took the mic to kick off the second day. Professor Charles Yuji Horioka of Kobe University delivered the Academic Keynote Address entitled “Household Saving in Japan: Past, Present and Future”. His speech marked a shift from technological transformation to one of the most fundamental structural challenges facing modern economies, namely the aging of the population.

Professor Horioka challenged the widely held belief that Japan has always been a nation of high savers. Drawing on decades of empirical research, he demonstrated that Japan’s household saving rate rose rapidly during the country’s post-war high-growth era before declining steadily from the 1970s onward, eventually approaching zero—and in some years becoming negative—in recent decades.

Using the life-cycle hypothesis as his central analytical framework, Professor Horioka argued that demographic change—rather than cultural or national factors—provides the most convincing explanation for the shift. As the proportion of retired households has increased, aggregate household saving has naturally declined as older households begin drawing down their accumulated wealth. His presentation further examined the roles of public pensions, housing markets, consumer credit, taxation and government policies in shaping this reversal.

Professor Horioka projected that the household saving rate will likely remain persistently low or even turn negative as Japan gets older. So this will create macroeconomic instability, right? No, it may be offset by changes in corporate saving, government saving, international capital flows and investment demand. The keynote provided an excellent example of how rigorous economic theory and long-term empirical analysis can inform policymaking in aging societies worldwide.

Indeed, Western economies are likely to face similar challenges, according to Prof. Horioka. Population decline, urban concentration and the increasing share of elderly households have important implications for housing markets, real estate investment, public finances and regional development.

The discussion extended beyond household saving to broader questions of spatial economics. Rural communities may continue to lose both younger residents seeking employment opportunities and older residents relocating closer to healthcare and support services, potentially leaving parts of the housing stock permanently underutilized (see the the akiya, or vacant-home, phenomenon.). At the same time, continued migration towards major metropolitan areas could buoy housing demand and prices in cities despite declining national populations. So maybe demographic decline doesn’t necessarily improve housing affordability. And maybe cheaper housing doesn’t necessarily reverse declining birth rates.

Rather, the keynote suggested that addressing demographic challenges will likely require targeted public policy (e.g., family-friendly policies such as childcare) rather than relying on housing market adjustments alone. Japan’s experience therefore provides valuable lessons for policymakers across Europe and other advanced economies that are beginning to see similar demographic transitions.

Connecting Two Perspectives on Structural Change

Although addressing very different topics, both keynote lectures ultimately examined the two most significant structural forces shaping the future of real estate and hospitality. Raja Seetharaman explored the technological transformation driven by artificial intelligence, data analytics and PropTech; while Professor Charles Yuji Horioka examined the demographic transformation resulting from population aging and declining fertility. Taken together, they illustrated that the future of the built environment will increasingly be shaped by the interaction between technological innovation and long-term demographic change. Thoughtful responses to profound shifts in population structure, housing demand, investment patterns and urban development will be key to success moving forward.

Research Presentations, Academic Exchange, and Japanese Hospitality

Across the two-day conference, participants presented research on real estate investment, asset pricing, climate change, hospitality performance, urban economics, corporate governance and artificial intelligence, highlighting the growing overlap between hospitality, finance, real estate and emerging technologies.

Beyond the academic program, participants also experienced the spirit of Japanese hospitality (omotenashi). A Japanese–French networking lunch featured individualized menus based on participants’ preselected courses, while the conference concluded with a kaiseki-style dinner showcasing seasonal Japanese dishes. These occasions combined cultural experiences with informal academic exchange and made hospitality itself a memorable part of the conference.

Looking Ahead

As the HFE Conference celebrated its tenth anniversary with world-class Japanese hospitality, participants reflected on the value of sustained international collaboration. An increasing number of scholars have become regular participants over the years, returning to renew relationships, exchange ideas, and develop new collaborations. This growing community reflects what has become a hallmark of the HFE Conference: rigorous research combined with constructive and lasting scholarly exchange.

The organizing committee extends its sincere appreciation to all keynote speakers, presenters, discussants, session chairs, participants and volunteers whose enthusiasm and dedication made the 10th Hospitality Finance and Economics Conference another outstanding success. Special thanks are also due to Hitotsubashi University for hosting this year’s conference, to the National University of Singapore’s Institute of Real Estate and Urban Studies for its continued collaboration, and to HES-SO for its support.

As participants departed Tokyo, many left with new research ideas and professional connections as well as fond memories of the warm welcome they received. Through stimulating discussions, thoughtful organization and the spirit of omotenashi that was infused in every aspect of the event, the 10th HFE Conference celebrated both academic excellence and the enduring value of genuine hospitality.

We look forward to welcoming colleagues to the next Hospitality Finance and Economics Conference and continuing to strengthen this vibrant international community.

Dr Masaki Mori

Associate Professor at EHL Hospitality Business School

Dr René-Ojas Woltering

Associate Professor EHL Hospitality Business School

Source: View the original article at EHL.