The Seibu group plans to sell three large hotels overseas and one at home by the end of March in a bid to accelerate restructuring efforts and cut interest-bearing debts, informed sources said Saturday.
The total sales value is estimated at 150 billion yen. Part of the proceeds will be used to remodel other key domestic hotels, they said.
The group has already begun preparations for the sale of the 310-room Maui Prince Hotel in Hawaii, together with an adjacent golf course and land for condominium buildings.
The plan also calls for the sale of the 304-room Alyeska Prince Hotel and adjoining golf course and ski resort in Alaska and the 384-room Toronto Prince Hotel in Canada.
The group will sell the Roppongi Prince Hotel in Minato Ward, Tokyo, by the end of the 2006 business year. The 216-room property has been one of the group’s major urban hotels, but it will be closed down on Dec. 25, the sources said.
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