Xymax Corporation (Head Office: Minato-ku, Tokyo, Representative Director: Masafumi Shimada, hereinafter "Xymax") entered into a joint business agreement on March 28 with China's Shanghai Spring Investment Management Co., Ltd.* ("Shanghai Spring Investment Management") for the hotel Xymax plans to develop in Osaka Izumisano ("Osaka Izumisano Project").
Xymax is working on hotel conversions of former office buildings and retail properties as core part of the company's property revival business and is also working on the hotel operation business in which the company constructs and operates hotels as a way to achieve highest and best use of the land. During the process of these businesses, Xymax worked together with Shanghai Spring Investment Management to seek possible cooperation between the hotel's supply side (Xymax's hotels) and the demand side (Shanghai Spring Investment Management). Osaka Izumisano Project will be our first collaborative project.
Osaka Izumisano Project is a conversion of a former roadside retail property. The converted hotel, with 136 guest rooms including plenty of two-bed and three-bed rooms, is expected to open at the end of 2016 (read below for further information). The hotel will be operated by Xymax Group.
|Address||588 Kashoji, Tajiricho, Sennan-gun, Osaka Prefecture|
|Site Area||12,539.65 sqm|
|Gross Floor Area||6,208.97 sqm|
|Structure / Floor||Steel frame / Building with two floors above ground|
|Completion||Expected to be around October 2016|