Kobe Bay Sheraton Hotel Sold

The Kobe Bay Sheraton Hotel and Towers on Rokko Island will be sold to a hotel and ryokan (Japanese-style hotel) operator called Hotel New Awaji. The hotel name will not be changed and will continue to operate as normal.

The Bay Sheraton was opened in June, 1992. Up until 2005 it was owned by a subsidiary of JTB Corporation, however the long-lasting effects of the 1995 Hanshin earthquake and economic recession made the hotel unprofitable and it was sold to the American investment company, Lone Star Group. It is currently being operated by a subsidiary of Lone Star. Hotel New Awaji will also purchase the subsidiary and will continue to operate the hotel without any disruptions.

The continued recession and highly competitive hotel industry continues to affect the Hotel’s turnover, but the buyer hopes implement some changes to turn this around.

Hotel New Awaji was established in 1968. They currently operate 7 hotels on Awaji Island and 1 hotel in Kagawa Prefecture. They also manage several aged-care facilities.

Source:
The Kobe Shimbun, October 7, 2011.

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