Malaysian, Ja­panese banks will be con­sid­ered for Ok­i­nawa project

The Sun (Malaysia) - - SUNBIZ -

in­clud­ing US$50 mil­lion for land cost, funded by RHB Bank of Malaysia, Mizuho Bank, Shin­sei Bank and Tokyo Star Bank. Tan said the pay­back pe­riod for Four Sea­sons Ky­oto will be quick be­cause of the to­tal sales achieved so far.

On whether it will work with RHB Bank for the project in Ok­i­nawa, Tan said it will con­sider any Malaysian bank that is com­pet­i­tive, as well as Ja­panese banks.

“Ja­panese banks look at us dif­fer­ently now as they see we can de­liver,” he said.

Tan said Four Sea­sons Ky­oto was an “op­por­tunis­tic in­vest­ment” as it ac­quired the land for a good price in 2008 when the econ­omy was slow.

“Back then, on a per square foot ba­sis, the price was less than half of the price of a ho­tel or land in Kuala Lumpur’s Golden Tri­an­gle and the ho­tel rate in Ky­oto was three to four times that of Kuala Lumpur. The num­bers looked good. It was a good buy,” he said.

Tan added that the ho­tel busi­ness in Ja­pan is do­ing well now, es­pe­cially af­ter the lib­er­al­i­sa­tion of visas, which pro­vided a boost to tourism.

Four Sea­sons Ky­oto gen­eral man­ager Alex Por­te­ous ex­pects the av­er­age ho­tel oc­cu­pancy to be about 65% dur­ing the first year of op­er­a­tion. He said the room rates, which are over US$1,000 per night now, will see in­cre­men­tal in­creases based on three-year and five-year plans.

Four Sea­sons cur­rently man­ages 104 prop­er­ties with another 34 un­der plan­ning or con­struc­tion world­wide. In Ja­pan, it has two prop­er­ties namely Four Sea­sons Ky­oto and Four Sea­sons Ho­tel Tokyo lo­cated at Marunouchi.

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