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Toyosaki area resort hotel plans scrubbed

Date Posted: 2009-05-14

The economic recession has claimed another victim. Construction of a ¥20 billion resort hotel and shopping complex in Tomigusuku City’s Toyosaki area have been abandoned by ZECS, the real estate development company.

The ZECS affiliate company, CR Okinawa, says the real estate business has deteriorated so much because of the sub prime loan problems, that there’s no way to move forward on building the 500-room hotel and adjoining shopping malls. The project was approved by Okinawa’s governor in 2007, with construction set to begin this year with the goal of opening in 2010.

ZECS and CR Okinawa have already paid the Okinawa Prefecture Land Development Bureau ¥300 million in land guarantee money. The companies are asking the Prefecture for a refund on their money. This is the second hotel project cancelled in Tomigusuku City in the past year. Real estate developer Zephr dumped plans for a luxury hotel, also citing economic distress.

The Tomigusuku City Office and its tourism section are upset. “We have been developing advertisements about this hotel nationwide,” an official said. “Now we have to cancel the entire city promotion plan. How do we get back the lost money and time?” The official says Tomigusuku City will work with Okinawa Prefecture to decide what to do next.

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