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Sheraton pulls the plug on building new Ginowan hotel

Date Posted: 2009-12-24

The ocean view along the coast near the Okinawa Convention Center is beautiful, with developers calling the area the islandís best place for building hotels, condominiums and apartments.

Ginowan Cityís mayor canít seem to find the right contacts, as this week the Sheraton Hotel Ginowan Okinawa called it quits, canceling plans to build a new luxury hotel. The Sheraton group says the company that was designated to do the development work, Joint Corp., is now bankrupt. Itís the latest in a string of hotel business ventures in Ginowan thatís fallen by the wayside.

The Sheraton Hotel was supposed to have been 245 rooms on 13 floors covering a total area of 38,785 square meters. Ginowan City Land Development Bureau and Hospitality Network Company had inked a contract for the hotel at a cost of •1,123,490,000. Ginowan City got the money and the investment company set up Ginowan Hotel Development Company in September 2005 to manage the project.

That developerís parent company Joint Corp. has gone bankrupt this year, so now Ginowan City is going to buy the land back at the same price it sold it, and will then look for a new investor. Mayor Yoichi Iha says ďI feel very sorry about giving up on building the Sheraton Hotel, but sure, we are still going to find a new investor again.Ē

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