OSAKA, JAPAN As reported earlier by HOTEL BUSINESS., the 54-story, 500-room Rihga Royal Hotel New York is being sold to Thayer Lodging Group for $193 million. The all-suite hotel, which had been shopped around by its Japan-based owner Royal Hotel Ltd. for some time, will be operated by Marriott International after the purchase, according to newspaper reports here.
Royal Hotel Ltd. said it will also sell its Rihga Royal Hotel Narita in Chiba Prefecture. Revenues from both sales will be used to reduce the company s interest-bearing debt, according to reports.
The Osaka-based hotel operator also said it may ask Sumitomo Bank Ltd., its main creditor, to waive debt as part of a revival plan. (2/16/01)