It was a dream hotel for young ladies during the late-1980s bubble economy and the center of politics in the 2000s, but its aging facilities are failing the test of time and foreign competition.

The Grand Prince Hotel Akasaka has announced it will close its doors at the end of next March after 55 years in business.

The hotel, better known among Tokyoites as "Aka Puri," served as the main celebration venue for many a politician or celebrity.