Singaporean investment fund RECAP (Real Estate Capital Asia Partners) has purchased the CSK Tsubogawa Hotel in Naha City, Okinawa, for an undisclosed sum.

The business hotel was scheduled to open in 2009 but the former owner, CSK Holdings, fell into financial difficulties. Although construction was complete, the hotel never opened. The former owner also built an office building on the adjoining site in 2009, which also remains empty.

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