Mori Trust has acquired a 335,000 sqm block of beachfront land with a half-finished hotel on Sesoko Island in Okinawa and plans to open an internationally-branded resort by 2020. Sesoko Beach Project, a limited liability company registered in Tokyo, was the seller.
Back in 2005, Toshi Design System, through a special purpose company, started construction on a large-scale luxury resort on the site of a former golf course. The 30 billion Yen hotel was to include 360 rooms each over 100 sqm (1,076 sq.ft) in size, with room rates of around 70,000 Yen per night. It was scheduled to open in 2009.
Construction was half completed when the US subprime mortgage crisis began and Toshi Design System, citing fundraising issues, filed for bankruptcy in August 2008. Along with their associated company, Tiger Kanko, the two companies had debts of 26.3 billion Yen.
Mori is currently considering whether to finish construction of the existing building or to start anew.
Mori currently owns and operates 32 hotels across Japan, but this will be their first project in Okinawa Prefecture. When complete, the new resort will be the one of the largest resort-hotel complexes in the entire prefecture.
Sesoko Island is accessible from the main island via a bridge, and the neighbouring Motobu Town area is already popular with tourists. Local sightseeing destinations include the Okinawa Churaumi Aquarium, Ocean Expo Park, and the 593m Mount Yae which is known for its castle ruins and cherry blossoms.
The Ryukyu Shimbun, December 29, 2015.
Okinawa Times, December 29, 2015.
The Ryukyu Shimbun, August 30, 2008.
2,093 total views, 2 views today