IPC Corporation to sell 2 hotels in Sapporo, Japan

IPC Corporation said it will sell its two hotels in Sapporo, Japan, to GK Sapporo Holdings Tokumei Kumiai for 2.69 billion yen (about S$29.61 million).

The latter is established as a 100 per cent owned subsidiary of Ichigo Group Holdings to hold the hotels - nest HOTEL sapporo odori and nest HOTEL sapporo ekimae. IPC purchased nest HOTEL sapporo odori, which has 117 rooms, in December 2012; nest HOTEL sapporo ekimae has 162 rooms and was purchased in May 2013.

The hotels will retain the "nest" brand and continue to be managed by Nest Hotel Japan, a licensee of the nest brand, which is owned by IPC.

Based on the latest unaudited consolidated financial statements of the group for the financial period ended Sept 30, it has realised a net gain of approximately 950 million yen (approximately S$10.45 million) from the transaction.