[Translation for Reference]
ENGLISH TRANSLATION OF DOCUMENT IN JAPANESE
This is an English translation of an original document in Japanese and is only provided for convenience. In all cases, the original
one takes precedence.
August 19, 2016
For Immediate Release
Company Name Seibu Holdings Inc.
Representative President & Chief Executive Officer Takashi Goto
(Code No.: 9024 First Section of the Tokyo Stock
Exchange)
Inquiries
Director,
General Manager of Corporate Communication
Ryuichiro Nishiyama
(TEL. +81-4-2926-2645)
Notice of partial sale of assets of Hapuna Beach Prince Hotel (Island of Hawaii)
with intention of enhancing value of property
Seibu Holdings Inc. hereby announces that on August 11, 2016 (Hawaii, US time), its consolidated subsidiary
Mauna Kea Resort Service LLC. (Head Office: Hawaii County, State of Hawaii, US) has sold the 96-room Annex of
the Hapuna Beach Prince Hotel (351 rooms total) and said hotel’s 1-room Hapuna Villa, a suite located in a separate
building, to real estate investment company Angelo, Gordon & Co. (Head Office: New York City, State of New York,
US). Angelo, Gordon & Co. has partnered with fellow real estate investment company West Point Investment
Corporation (Head Office: San Diego, State of California, US) in this purchase. Details on this matter are as follows.
The Seibu Group operates its Hawaii Business centered on the ownership and operation of hotels and golf courses
in the two islands of Oahu and Hawaii located in the State of Hawaii, US. Under the “FY2016-FY2018 Seibu
Group’s Medium-Term Business Plan” that it disclosed on May 12, 2016, the Group positioned that Hawaii
Business as its brand-leading operation, and has been endeavoring to improve its business performance through
resuming its real estate business and making strategic capital investments alongside implementing its preexisting
strategy.
Part of that Hawaii Business is the Hapuna Beach Prince Hotel owned and operated by the Seibu Group on the
Island of Hawaii. The Hapuna Beach Prince Hotel is an ideally-located property that overlooks the Hapuna Beach,
which was previously rated the top beach in the US. Part of this hotel in the form of its Annex and the Hapuna Villa
suite located in a separate building has been sold to Angelo, Gordon & Co.
The Seibu Group intends to allocate the funds gained through this sale to guest rooms at the Main Building (254
rooms) of the Hapuna Beach Prince Hotel, which the Group will continue to own and operate, as well as
investments to be made in the hotel’s adjoining Hapuna Golf Course, fitness-related facilities, public spaces and
other areas to enhance the value of the property. In addition to these investments, the Group will endeavor to
improve its ability to attract guests to the hotel as it works towards enhancing the hotel’s F&B selection and further
elevating its levels of service.
Moreover, Angelo, Gordon & Co., the buyer in this sale, is planning on eventually converting the property it will
acquire through the sale, namely the Hapuna Beach Prince Hotel Annex and Hapuna Villa, into condominiums.
Prince Resorts Hawaii Inc. (Head Office: Honolulu, State of Hawaii, US), the consolidated subsidiary of Seibu
Holdings Inc. responsible for operating the Hapuna Beach Prince Hotel, will continue to operate all 351 rooms at the
hotel up until the time that Angelo, Gordon & Co. commences its efforts to convert its acquired property into
condominiums.
Attachment
1. Overview of Buildings Sold
Hapuna Beach
Annex
Hapuna Villa
Prince Hotel
(96 rooms)
(1 room; suite in separate building)
Location
Hawaii County, State of Hawaii, US
Owner
Mauna Kea Resort Service LLC.
Seller
Mauna Kea Resort Service LLC.
Angelo, Gordon & Co.
Buyer
(in partnership with West Point Investment Corporation)
Use
Conversion into condominiums by buyer
Selling Price
Not disclosed
2. Part of Hotel Sold
(1) Entire Map of Hawaii
Hawaii Prince Hotel Waikiki
Mauna Kea Beach Hotel
Hapuna Beach Hotel
(2) Entire Map of Hapuna Beach Prince Hotel
Main Bldg.
Annex
Hapuna Villa
(suite in separate bldg.)