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Miyakojima hotel operator defaults on rent payments

Date Posted: 2007-09-13

Harimizu Resort Development Company is being accused of defaulting on ¥400 million in rent payments for the Hotel Etore Emerald Miyakojima, but company officials insist the charges are inaccurate.

The resort company owned by Daiyone Construction Co operates the Etore Emerald Miyakojima under an agreement with Miyakojima City and the Miyakojima City Marine Terminal, which built the hotel five years ago under the third sector system. Miyakojima City Mayor Akira Ishimine says the company hasn’t made its rent payments for many months, and that Harimizu is already ¥400 million in arrears.

Harimizu officials aren’t officially denying the charge, but say “the Marine Terminal Company is asking too much rent. It’s not a fair rent, and we’ll take them to court to force the rent down.” A Marine Terminal spokesman says there was a formal agreement signed between the companies in 2002 that Harimizu would pay ¥20 million a month rent through 2005, after which the rent would increase in April 2006 to ¥22 million a month.”

The hotel operator sought relief more than two years ago, asking Miyakojima City and the Miyakojima City Marine Terminal Company to reduce the rent to ¥10 million a month. The June 2005 request cited lagging business at the hotel. “When the rent plan was made, it was expected the number of customers visiting the hotel would increase every year, not decrease,” a Harimizu official says, “but in actuality, customers didn’t come and the economic situation is been so much down we can’t make any profit.”

Harimizu Resort Development Company wants Miyakojima City to understand the situation, and agree to a rent cutback.

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