Mori Trust acquires famous Kyoto hotel
Mori Trust announced on November 25 that they had acquired the site of Hotel Rantei in Kyoto from Kyoto Century Hotel for an undisclosed sum.
The traditional Japanese-style hotel has been closed since January, 2010, but will undergo a full refurbishment before being re-opened as a luxury hotel by 2013 - 2014. Once it is opened, they hope to attract wealthy domestic and foreign tourists.Read more
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.Read more
Akasaka Prince Hotel Redevelopment Plans Announced
Due to aging, increasing maintenance and competition from foreign-owned hotels, the Grand Prince Hotel Akasaka will close in March, 2011 and will be demolished. Of the three buildings on the site, the oldest building dating from 1930 will be kept.
The current 139m 40-storey hotel was designed by Kenzo Tange and opened in 1983. It was hugely popular during the bubble, but lack of adequate maintenance and the introduction of foreign hotels to the market in the last decade has greatly reduced its appeal.Read more