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Change of ownership for Palace on the Hill Okinawa

Date Posted: 1999-06-19

Nago Kokusai Kanko, owners of the Busena Beach Resort Hotel have agreed to pay ¥3 billion for one of Okinawa prefecture’s most luxurious hotels, Palace on the Hill Okinawa in Uenoya, Naha City. Although the decision to sell Palace on the Hill came at a shareholders’ meeting held late June, the official announcement was held over until Tuesday.

The decision came after ANA Hotels, whose contract as manager of the property for owners Ryukyu Island Resorts Co. expired in March, failed to attract interest from new investors. Contracts between Palace on the Hill and Nago Kokusai Kanko will be exchanged August 1.

The change of ownership will also see 139 employees out of work by June 31. However, the future owner plans to re-hire all employees when the hotel resumes business as “The Busena” in August.

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