Seibu to sell some Prince hotels, leisure assets to Singapore's GIC

Economy

Seibu Holdings Inc. said Thursday it will sell 31 properties in Japan held by its subsidiary Prince Hotels Inc. to Singaporean sovereign wealth fund GIC for about 150 billion yen ($1.3 billion). The assets to be sold include The Prince Park Tower Tokyo, Sapporo Prince Hotel and Grand Prince Hotel Hiroshima, as well as ski resorts and golf courses. Through what it calls "the asset-lightening," Seibu, one of the major railway and hotel operators in Japan, will try to turn around its business hit by the impact of the coronavirus pandemic. "(GIC) is the best partner because it has a rich investmen...

Kyodo News

Kyodo News