This will be interesting over the next few years to see if the hotel is sold, if the new owners will try and fix the Mauna Kea golf course and what Rees has done there.
TOKYO (MarketWatch) -- Japanese hotel and railway group Seibu Holdings Inc. is considering selling its hotel and golf resort business in Hawaii as part of its restructuring efforts, a person familiar with the matter said Friday, adding that the property portfolio could be valued at more than Y50 billion.
The company, which is about 30% owned by U.S. private equity fund Cerberus Group and is preparing to go public on the Tokyo Stock Exchange, has hired a broker to sell the business, the person said. The process is still at an early stage, the person added.
Seibu owns and runs golf courses and three hotels in Hawaii--the Hawaii Prince Hotel Waikiki, the Hapuna Beach Prince Hotel and the Mauna Kea Beach Hotel. But its business in the region has remained in the red due in part to a sharp drop in tourists.
The company has been selling off its properties as part of restructuring efforts over the past several years. In 2007, it sold the 310-room Maui Prince Hotel Makena Resort to Honua LLC, a firm owned by Morgan Stanley Real Estate.