Seibu to aim ¥98 billion at Akasaka


Railway and hotel operator Seibu Holdings Inc. plans to spend some ¥98 billion to redevelop the site of Grand Prince Hotel Akasaka, a closed central Tokyo hotel formerly known as the Akasaka Prince Hotel.

Seibu Holdings will construct a 36-floor high-rise that will house offices, a hotel and a commercial complex, and a 24-story luxury apartment complex. Both are slated to open in summer 2016.

Prince Hotels Inc. will manage some 250 rooms in the upper part of the 180-meter-high office and hotel building.

The 90-meter-high apartment building will contain some 130 luxury units.

The total floor space, including commercial facilities such as restaurants and a supermarket, will be 227,000 sq. meters.

An older part of Grand Prince Hotel Akasaka that has been designated by the Tokyo Metropolitan Government as a tangible cultural asset will be preserved and incorporated into the new development.