Seibu eyes selling hotels, other assets to Singapore's GIC

© Kyodo News

Seibu Holdings Inc. is considering selling about 30 properties in Japan, including Prince brand hotels, to Singaporean sovereign wealth fund GIC for about 150 billion yen ($1.3 billion), sources familiar with the plan said Saturday.

Of the total, about 10 are believed to be hotels such as The Prince Park Tower Tokyo, Prince Hotel Sapporo and Grand Prince Hotel Hiroshima.

A Seibu group company will operate the hotels and other facilities, such as a ski resort and a golf course, after the planned sale, according to the sources.

Initially, Seibu Holdings had studied the sale of around 40 assets.

Commenting on the planned sale, the Tokyo-based company said nothing has been decided at this point.

The company has Seibu Railway based in northwestern Tokyo and western Saitama Prefecture, as well as Prince Hotels, one of the largest hotel chain operators in Japan, as core subsidiaries.