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Seibu Holdings Inc. is considering selling about 30 properties in Japan, including Prince brand hotels, to Singaporean sovereign wealth fund GIC for about ¥150 billion ($1.3 billion), sources familiar with the plan said Saturday.
Of the total, about a dozen are believed to be hotels such as The Prince Park Tower Tokyo, Prince Hotel Sapporo and Grand Prince Hotel Hiroshima. The COVID-19 pandemic has negatively impacted the company’s main railway and hotel businesses.
A Seibu group company would operate the hotels and other facilities, such as a ski resort and a golf course, after the planned sale, according to the sources.
Initially, Seibu Holdings had studied the sale of around 40 assets as part of efforts to improve business efficiency and bolster its fiscal base, they said.
Commenting on the planned sale, the Tokyo-based company said nothing has been decided at this point.
The company’s core subsidiaries include Seibu Railway, which serves northwestern Tokyo and western Saitama Prefecture, as well as Prince Hotels, one of the largest hotel chain operators in Japan.
Seibu Holdings expects to post a net loss of ¥14 billion in the year to March for the second straight year of red ink due to the impact of the pandemic.
In its midterm business plan, the company has decided to sell Seibu Construction Co., a subsidiary based in Tokorozawa, Saitama Prefecture, to Mirait Holdings Corp. for about ¥38 billion.
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