Major Japanese travel agency H.I.S. said Tuesday that it will sell its entire stake in the Dutch-themed Huis Ten Bosch seaside resort in southwestern Japan to a Hong Kong-based investment fund for ¥66.6 billion ($480 million).
The gain from the sale of its 66.7% stake in the theme park to Hong Kong private equity firm PAG is expected to help improve the balance sheet of the company, battered by the coronavirus pandemic that has dealt a heavy blow to the tourism sector.
Meanwhile, the remaining five shareholders of the resort in Sasebo, Nagasaki Prefecture, including Kyushu Electric Power and Kyushu Railway, said they will sell their stakes for a total of ¥29.2 billion to the operator of Huis Ten Bosch.