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Shareholders announce sale of Harbor View Hotel

Date Posted: 1999-06-19

Okinawa Harbor View Hotel, one of the islandís most prestigious establishments, is to be sold to ANA Property, shareholders announced Sunday.

The Okinawa Sogo Kaihatsu-owned hotel, best known as the only hotel in which the Emperor stayed during his visit to the prefecture, will transfer to the new owner on August 1.

Okinawa Sogo Kaihatsu shareholders cited massive debts as the major reason for the sale, due mainly to competition created by the islandís increasing number of quality hotels. The acquisition will cost new owners ANA Property, a subsidiary of ANA, •4 billion.

The hotelís present co-owners Japan Travel Bureau, with 34.96 percent and All Nippon Airways established Okinawa Sogo Kaihatsu in 1973. JTB, however, announced it would no longer participate in the running of the hotel.

Changes at the Harbor View have already been implemented, with the number of executive personnel slashed from 12 to five, although all other current employees will remain under the new ownership.

Moreover, the Royal View Hotel in Motobu Town, owned by Ryukyu Sogo Kaihatsu, will be sold to ANA Property on the same day.

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