Closure of Hotel business-related subsidiaries in Hawaii
Oct. 13, 2000
Nissho Iwai Corporation
President & CEO: Shiro Yasutake
Code No. 8063
Contact: Junichi Ito
Tel: (03) 3588-4715
To whom it may concern
Nissho Iwai Corporation today announced the closure of two of its hotel business related subsidiaries, viz. NI Hawaii Holdings, Inc. (NIHH) and NI Hawaii Resort, Inc. (NIHR), which had been set up for developing the Ritz-Carlton Kapalua, located in Hawaii, USA. The decision to close the subsidiaries follows the sale of the concerned hotel. The Yen 6.6 billion profit realized from the sale has already been included in the financial forecast for the current term, and will have no effect whatsoever on the consolidated/non-consolidated forecasts (both mid-term as well as annual) for the current year.
Details of the subsidiary companies
1. NI Hawaii Holdings, Inc.
Name | NI HAWAII HOLDINGS, INC.(NIHH) |
Location | HONOLULU, HAWAII, USA |
President | Michio Takizawa |
Reason for closure | Owing to the closure of its subsidiary, NIHR |
Business details: | |
Business | Holding company for NIHR |
Established | March 1999 |
Capital | US$25 million |
Major shareholders | Nissho Iwai Corporation (100%) |
Closure (planned) | End of December 2000 |
2. NI Hawaii Resort, Inc.
Name | NI HAWAII RESORT, INC.(NIHR) |
Location | HONOLULU, HAWAII, USA |
President | Akitoshi Ueno |
Reason for closure | Sale of assets (THE RITZ-CARLTON KAPALUA) |
Business details: | |
Business | Development of THE RITZ-CARLTON KAPALUA |
Established | April, 1990 |
Capital | US$96million |
Major shareholders | NIHH (100%) |
Closure (planned) | End of December 2000 |