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Travel & Leisure

Japan rail group Seibu to sell hotels, assets to Singapore's GIC

Pandemic-hit conglomerate to shed properties worth around $1.3bn

The Prince Park Tower Tokyo is among the properties Seibu Holdings plans to sell to Singaporean sovereign wealth fund GIC.

TOKYO -- Japanese railway and hotel conglomerate Seibu Holdings has entered final talks with Singaporean sovereign wealth fund GIC to sell about 30 properties in Japan, including some of its Prince brand hotels and leisure facilities, Nikkei has learned.

The deal is expected to total about 150 billion yen ($1.3 billion). More than 10 hotels, including the Prince Park Tower Tokyo, Prince Hotel Sapporo and Grand Prince Hotel Hiroshima, are on the chopping block. Seibu will continue to operate the hotels and other facilities after the sale.

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