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Sunday, 27 February 2000

Hotel Chain Sells Tokyo Site to Newswire

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February 28, 2000

Associated Press

TOKYO (Kyodo) – Tokyu Hotel Chain Co. will sell the site of the hotel it operates in Tokyo's Ginza district to Jiji Press Ltd. in May next year for ?9.5 billion (US$85.5 million).

The 3,160-square-meter site (34,000 square feet) has a book value of ?338 million (US$3 million), said the Tokyo-based hotel chain operator, an affiliate of Tokyu Corp.

Tokyu Hotel Chain said ?9.1 billion (US$82 million) of the proceeds will be used to reduce interest-bearing liabilities and for capital investment for its other hotels.

The hotel being sold, the Ginza Tokyu Hotel, was opened in May 1960 as the first of the company's 20 chain hotels. It is located in one of Tokyo's busiest commercial areas, but its revenues plunged in recent years as its facilities became decrepit.

Tokyu Hotel Chain will close the hotel next January and demolish the building prior to the sale, it said.

The hotel chain operator plans to map out a restructuring program by June and may include the closure of another hotel in the program, it said.

Jiji Press, one of Japan's main wire services, said it will construct a new head office on the site to be completed in the fall of 2002. To finance the land purchase and construction, it will use the proceeds it expects to obtain in sales of Dentsu Inc. shares, it said.

Dentsu, Japan's largest advertising agency, plans to list its stock next year.

Copyright 2000, The Associated Press, All Rights Reserved.


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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort, Office
  • Subject: Development/Construction (DEV), International (INTL)
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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