LOTTE CO., LTD., which plans to develop a large, indoor theme park in the Tokyo Bay redevelopment area, signed a letter of intent with RITZ-CARLTON HOTELS CO. for the upscale Atlanta-based chain to manage one of the two hotels that will be part of Lotte World Tokyo. The 300- to 400-room hotel is scheduled to open in the year 2002. The big confectionery company will manage the other onsite hotel. Ritz-Carlton recently opened a sales office in Tokyo to market its luxury Osaka Ritz-Carlton in the heart of Osaka to corporate travelers. The company's first property in Japan, the hotel opened last spring.
An exchange rate of ¥130=$1.00 was used in this report.