Japan's Seibu eyes Tokyo hotel redevelopment project

Tokyo

SEIBU Holdings Inc, whose biggest shareholder is Cerberus Capital Management LP, wants to redevelop an area with four hotels in Tokyo's Shinagawa district to tap demand from surging overseas tourists arrivals and the opening of Japan's first high-speed magnetic-levitation (maglev) train line.

The project may cost about four times the 98 billion yen (S$1.1 billion) Tokyo's biggest hotel operator is spending on a hotel, office and residential redevelopment in central Tokyo, said Takashi Goto, Seibu's president, at the company's headquarters in Tokorozawa, west of Tokyo.