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Wednesday November 21, 7:45 PMLone Star selling Japanese hotel operator: sourcesTOKYO (Reuters) - Lone Star has hung a for sale sign over its Japanese hotel operator Solare Hotels and Resorts Co Ltd, sources familiar with the matter said, in a deal that could raise 150 to 200 billion yen ($1.4-1.8 billion) from the deal.The U.S. investment fund has engaged real estate services firm Jones Lang LaSalle to handle the sale process on their behalf. Blackstone is believed to be among several parties interested in Solare, the sources said. Lone Star and Blackstone declined to comment. Lone Star has two ways to cash out; it has paved the way to list a hotel REIT (real estate investment trust) which could include Solare. This would be managed by Star Hotel REIT Management Co Ltd, which Lone Star has recently set up. But with the Japanese REIT market under pressure amid the U.S. subprime mortgage crisis, they may instead seek to sell Solare to a trade buyer or another fund. Dallas-based Lone Star took over hotels owned by real estate developer Chisun Co which filed for bankruptcy protection in 2002 and created Solare. |
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