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Miyako Marine Terminal Hotel sold to investor

Date Posted: 2012-03-02

The hotel connected to the Miyakojima Marine Terminal in Miyakojima City is in the process of transferring ownership to the city’s largest investor.

The ¥830 million purchase for the property, owned by a third-sector enterprise held jointly by Miyakojima City as the largest investor, was sold this week following an extraordinary board of directors meeting and vote on the sale. Officials say the new owner, Miyakojima City and Resort Company, has agreed to settle all accounts prior to March 23rd.

Miyakojima City officials say the Miyakojima City and Resort Co. was the lone bidder for the property. Once bidding was complete, the decision to approve the sale was made.

Miyakojima Marine Terminal Company President, Toshihiko Shimoji, said “continuing our company is hard now, but we will present a plan for recovery according to regulations of our directors.” Management says it is considering using the sales proceeds for debt payments of the Miyakojima Marine Terminal Company.

Bidding on the hotel had been postponed numerous times, because no valid purchaser stepped forward to post a contract deposit.

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