The unwinding of corporate Japan's portfolio of high-profile American real estate continues. The latest property to be sold is the Essex House hotel, located on Central Park South in Manhattan. JAPAN AIRLINES CO., LTD. sold the 597-room Art Deco hotel to STRATEGIC HOTEL CAPITAL INC. The price was not disclosed but was thought to be around $250 million. Something on that order would exceed what JAL paid for the property in 1985; however, it would not cover what the airline invested in the hotel or its operating losses.
Custom home builder SHELTER CO., LTD. of Yamagata prefecture has moved into the American market. It opened a marketing subsidiary in Seattle and started work on a two-story house in Salt Lake City, Utah that showcases the company's building technology. Shelter hopes to win contracts to build 10 homes in the United States in 1999.
An exchange rate of ¥113=$1.00 was used in this report. aaaaaa