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Hyatt Regency Tokyo for sale by Odakyu, seeking $870m in deal

Japanese developer sheds assets to focus on projects around Shinjuku station

The Hyatt Regency Tokyo opened in 1980. (Photo by Taizo Wada)

TOKYO -- Japanese developer and transportation giant Odakyu Electric Railway plans to sell Hyatt Regency Tokyo, Nikkei has learned, as the company focuses on a redevelopment project closer to the bustling Shinjuku station in the capital.

The bid process is anticipated to take months and draw interest from several investment funds. Odakyu also is expected to sell its stake in the adjacent office building. The transactions are expected to come to about 100 billion yen ($867 million) in aggregate.

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