Multiple media outlets reported on Friday that Japan’s Seibu Holdings Inc. has hired a real estate broker to sell its resorts in Hawaii, potentially valued at more than US$630 million, as part of its restructuring efforts in advance of plans to go public on the Tokyo Stock Exchange.
Seibu, 30% owned by U.S. private equity fund Cerberus, owns and runs the Hawaii Prince Hotel Waikiki, the Hapuna Beach Prince Hotel and the Mauna Kea Beach Hotel. As business continued to struggle on the island state, Seibu already sold in 2007 its 310-room Maui Prince Hotel Makena Resort.
Seibu has hired investment banks to engineer what is expected to be one of the biggest offering in the recent years. The company was delisted from the Tokyo exchange in 2004 after falsifying financial statements.