 Shibusawa and Okura Kihachiro submitted an application to form the Tokyo Hotel Co. on November 28, 1887, in order to "build a large hotel in Tokyo and to conduct the business of renting rooms to foreign guests, and for parties and other events...".There were initially 21 investors, with the largest (21.15%) being the Imperial Household Ministry.Site preparation for the hotel started in July 1888, and construction began in the fall of that year.