Thai property developer buys Hokkaido ski resort
Thai property developer Property Perfect has invested 770 million baht (approximately 1.9 billion Yen, or 24 million USD) in the takeover of the relatively unknown Kiroro Ski Resort, 43km west of Sapporo, from Mitsui Real Estate.Read more
Eviction orders for Gamagori hotel
The Toyohashi branch of the Nagoya District Court has issued an eviction order to the religious organization that is using the former Gamagori Fukinuki Sightseeing Hotel in Miyacho, Gamagori City. The court is ordering the land to be returned to its owner (Miyacho) and the building to be demolished.
The original hotel opened in 1939 and has undergone many alterations and extensions over the years. During its prime, the hotel was Miyacho's leading hot spring resort. However, in 1998 the hotel filed for bankruptcy with debts over 3 billion Yen. It was later put up for public auction with a minimum bid of 956 million Yen. A buddhist organization purchased the building, but not the land, from Miyacho in 2004 and were charged an annual land rent of 3.8 million Yen. They demolished several buildings and refurbished the main hotel which had previously been damaged by fire.Read more
Shiba Park Hotel to demolish north building
Shiba Park Hotel will be demolishing the main north building. Demolition work is being carried out by Ando Corporation and is expected to be completed by the end of June 2012.
The north building is 8 stories and has a total floorspace of 2891 sqm. The hotel was opened in 1949 and has 391 rooms.
Source: The Kentsu Shimbun, February 20, 2012.
Historic Niigata ryokan declares bankruptcy
The Kihachiya Ryokan in Sado City, Niigata, has entered into bankruptcy proceedings and may be forced to sell their hotel. According to Teikoku Databank, Kihachiya Ryokan has debts of 560 million Yen.Read more
Six hotels demand compensation from TEPCO
Six hotels in Akita Prefecture are seeking a total of 12.8 million Yen (166,000 USD) in compensation from TEPCO. The hotels claim that the nuclear power plant disaster has led to cancellations from foreign visitors, which has reduced their operating revenue.
The hotels are part of the Akita Prefecture Ryokan Association. The Association submitted the claim for compensation to TEPCO on their behalf. The claim by each hotel ranges from 120,000 to 5,200,000 Yen.Read more
Singaporean investment fund buys hotel in Okinawa
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.Read more