Blackstone has bought a Ritz-Carlton resort on Okinawa Prefecture's main island and is purchasing another hotel on the island in a deal worth about ¥20 billion ($130 million), according to people with knowledge of the matter.
The U.S. alternative asset manager bought the 97-room Ritz-Carlton, which is located in a country club, from Kanehide Holdings, a closely held company involved in a broad range of industries in the prefecture. The transaction will include the Kanehide Kise Beach Palace and money to be spent on renovations, the people said, asking not to be identified as the matter is private.
Blackstone declined to comment. A representative for Kanehide confirmed in an email that it has sold the Ritz building, and declined to comment further.
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