Seibu seeking Seibu Railway Co. has put its four Prince hotels in Hawaii up for sale with an asking price of about $800 million, newsletter Real Estate Finance and Investment reported.
buyer for isles’
Prince hotels,
report says
The troubled Japanese
conglomerate is asking about
$800 million for four propertiesBloomberg News
The Japanese company would consider selling the hotels either individually or as a package the newsletter said, citing "market players who have spoken with Seibu officials."
The properties consist of the Mauna Kea Beach Hotel, Hapuna Beach Prince Hotel, Hawaii Prince Hotel Waikiki and Maui Prince Hotel.
Seibu is quietly shopping the chain, the newsletter reported, asking about $200 million each.
A sale would extend a string of Hawaiian hotel transactions as a slumping Japanese economy leads many companies to look to sell U.S. real estate assets as a way to raise cash.
In January, Blackstone Group Inc. bought the Hyatt Regency Maui for about $200 million from Koksai Jidosha, a Japanese taxi and limousine company.
And in December Marriott international Inc. bought the Ritz Carlton Kapalua hotel on Maui for $143 million from Nissho Iwai Corp., a Japanese trading company.
George Ariyoshi, president of Prince Resorts Hawaii, could not be reached for comment.