Colony Capital LLC will create a comprehensive resort complex that is less dependent on baseball as part of moves to rebuild the operations it takes over from debt-ridden retailer Daiei Inc.
"The hotel bears the word 'resort,' but the facilities are not enough for a perfect resort complex," said Toshio Masui, a Japan-based representative of the U.S. investment fund. "The beach should be utilized to a greater extent and we'd like to build a more decent resort there with better access."
Colony Capital signed a basic agreement with Daiei in December on the purchases of the Fukuoka Dome stadium and the adjacent Sea Hawk Hotel and Resort.
The agreement also calls for Colony Capital to take over 60.5 billion yen of Daiei's 110 billion yen debt in the Fukuoka operations.
"The facilities there can be 'the look of Fukuoka,' so I think we are responsible for our business there," Masui said.
Masui unveiled a plan to create a so-called Hawks Town by soliciting top-name sports brands for a shopping mall to be opened in the complex.
Masui said that while Colony Capital will reduce its dependence on the baseball business, it will remain a crucial part.
"In our strategy, the important thing is how to create facilities that can attract people on a day when a game is not played," Masui said. "But baseball comes first."