Rebuilding RIHGA Royal Hotel Osaka and Redeveloping Nakanoshima
First written in FY2016. 2 of 6 entries say "Advanced", first in FY2023-Q3. Latest entry: FY2023.
No other company in this theme has enough history to compare yet.
- FY2023AdvancedAnnual report
「If RIHGA Royal Hotel (Osaka) is rebuilt, the new development will include a luxury-class, full-service hotel, and the Company will continue to be entrusted with hotel operations.」
Execution of the agreement with BGO contractually specified that, even when the hotel is rebuilt in the future, the development will include a luxury-class hotel and the Company will continue to be entrusted with its operation. This does not indicate that the rebuilding itself has been carried out. - FY2023-Q3AdvancedAnnual report
「Even if RRH Osaka is redeveloped, the hotel configuration must include a luxury-class, full-service hotel, and hotel operations by the Company must continue.」
The basic agreement with BGO specified the hotel configuration and the conditions for continuing operations in the event of redevelopment, premised on the transfer of the Osaka hotel assets and the Company’s being entrusted with hotel operations. It did not constitute a decision to proceed with the redevelopment itself. - FY2019-Q3Clarification of the amendment agreementAnnual report
「In connection with the execution of a memorandum to clarify certain matters concerning the amendment agreement to the fixed-term business land leasehold right agreement, the Company reviewed its estimate of the asset retirement obligation. As a result, among other factors, it recorded a gain on reversal of asset retirement obligations of ¥1,217 million as extraordinary income, resulting in quarterly net income attributable to owners of the parent of ¥2,645 million, an increase of ¥1,580 million year on year.」
Regarding the fixed-term business land leasehold right agreement related to the Nakanoshima redevelopment and rebuilding of the Osaka hotel, a memorandum concerning the amendment agreement was executed to clarify certain matters. The disclosure concerns the organisation of the contractual terms and a review of the accounting estimate for the asset retirement obligation, rather than specific progress in the redevelopment itself. - FY2018RestatedAnnual report
「In addition, as the largest landowner in Nakanoshima 5-chome, the Company will take an active and leading role in the redevelopment project for the district together with other parties, with the aim of achieving redevelopment that includes rebuilding the hotel.」
As the largest landowner in Nakanoshima 5-chome, the Company continues to pursue its objective of taking a leading role in redevelopment that includes rebuilding the hotel. - FY2017SoftenedAnnual report
「Previously, the usage period had been estimated at 10 years, the term of the fixed-term business land leasehold right agreement, and a discount rate of primarily 1.032% had been used. However, under an amendment agreement concerning the fixed-term business land leasehold right agreement dated 17 November 2015, the contract expiry date was changed from the original 29 September 2021 to 16 November 2035.」
This states that the contract expiry date for the fixed-term business land leasehold right, with the rebuilding of the hotel in view, was changed from the original 29 September 2021 to 16 November 2035. - FY2016First statedAnnual report
「Regarding the rebuilding of RIHGA Royal Hotel Osaka, we will continue discussions and consideration together with the relevant parties, including landowners in the Nakanoshima 5-chome district. In addition, we established an internal project team last November to address this issue.」
Sets redevelopment, including rebuilding the hotel, as the objective, with discussions among stakeholders and an internal project team as the means. The previously stated rebuilding target of September 2021 was postponed.