The problems of Japanese real estate companies can work to the advantage of expansion-minded competitors. The former 297-room Hotel Nikko of Beverly Park in Los Angeles, a JAL HOTELS CO., LTD. property opened in 1989, is the first Le Meridien hotel in the United States. The upscale hotel chain is owned by Great Britain's largest hotelier group. Financial terms were not disclosed.
Like many of its debt-burdened counterparts, TOKYU CONSTRUCTION CO., LTD. has pulled out of the American market. The major general contractor liquidated its Pasadena, California holding company, PAN PACIFIC CONSTRUCTION NORTH AMERICA, INC., taking a loss of $11.7 million in the process. It also wrote off in its FY 1998 financial statement roughly $77.5 million owed by a Pasadena wastewater treatment construction company.
An exchange rate of ¥120=$1.00 was used in this report.aaaaaa