Seibu confirms hotel portfolio sale to GIC

On June 30, Seibu Holdings confirmed that it would be selling 31 of its hotel and golf facilities to an affiliate of Singaporean sovereign wealth fund GIC. The sale price is 147.1 billion Yen (approx. US$1.09 billion thanks to a historically cheap Yen), with Seibu posting an 80 billion Yen gain on the sale.

The sale will take place on March 31, 2023. 

15 of the properties are Prince Hotels. It also includes the 23-lift Naeba Ski Resort in Yuzawa, Niigata. The 1,299-room Naeba Prince Hotel, one of the largest resort hotels in Japan, is located at the bottom of the ski field. It opened in 1961 after the purchase of the 1700-meter tall Takenokoyama mountain. At the peak of Japan’s ski boom in 1987 it had as many as 3.8 million visitors a year.

News about Seibu’s plan to offload 40% of its domestic hotels was first reported in mid-2021. In February 2022, GIC was named as the potential buyer.

Reuters, June 30, 2022.
NHK, June 30, 2022.

 1,935 total views,  2 views today