IPC Corporation says the company has entered into an agreement to purchase a business hotel in Sapporo, Hokkaido, in Japan. Completion of the purchase and delivery of the hotel to the company is by Dec 21. The hotel is currently being operated under the name of Hotel Resol Sapporo Minami 2-jo.
The Sapporo Hotel, a 15-storey building, has 117 guest rooms and the purchase price is about JPY 434 million ($6.5 million). The purchase is funded fully by internal resources of the IPC, in particular from part of the net proceeds of the rights issue which was completed in July.
The Sapporo Hotel is leased with a fixed term till 8th December 2013 to Resort Solution Co., which operates 12 hotels under the “Hotel Resol” brand and 16 hotels and spas in Japan. The company has appointed Greenfield Advisors as its asset manager for the Sapporo Hotel.
Sapporo City is the capital of Hokkaido, a prefecture comprising the main island and 508 islands located in the northern tip of Japan. It is the biggest business center in the northern part of Japan with a population of around 1,928,000. It is also one of the most popular tourist attractions in Japan, known for its Winter Snow Festival, and ski resorts in the main island of Hokkaido.
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