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Miyakojima inks deal for an American Sheraton Hotel

Date Posted: 2007-08-23

An American real estate company is anxiously awaiting Miyakojima City’s September Assembly meeting, when its agreement to purchase a plot of reclaimed land to construct a Sheraton Hotel.

Miyakojima City’s mayor,Akira Ishimine, has already entered into a tentative contract with Secured Capital Japan (SCG15), a US real estate company, to transfer a plot of reclaimed land in the city’s Triber Area to be used in building a hotel. The Starwood Group hotel chain will operate the new hoel as a Sheraton Hotel.

The land involved was reclaimed long ago, and its white sand beaches have been sitting idle. The Assembly is to decide formally on whether to sell the property for ¥4 billion. A positive vote will not only move the hotel project forward, but provide a substantial boost to the Miyakojima City financial situation.

SCG15 is operating as a business development group, concentrating on hotels and resorts. Once the contract with the city is formally signed, SCG15 will appoint Hachiro Matsuno of Total Consultant Office to manage the project. The Tokyo-based company will work with Starwood to design and build the eight-story hotel with 354 rooms. SCG15 says the complex will also feature cottages, restaurants, Wedding Bells rooms and esthetic rooms.

The Sheraton Hotel construction will begin immediately, with a 2008 completion date anticipated. Officials say the Sheraton Hotel will employee more than 250. Construction is expected to cost ¥18 billion.

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