Tokyo Prince Hotel Park Tower opened Monday -- the last in the Prince chain to be handled by former Kokudo Corp. Chairman Yoshiaki Tsutsumi, who has been charged with making false financial reports and insider trading in violation of the Securities and Exchange Law.

The 33-story hotel in Tokyo's Minato Ward is one of the most luxurious Prince Hotels in Japan, with the room rate for the royal suite room on the 32nd floor standing at 980,000 yen per night, hotel officials said. Construction cost about 30 billion yen, they added.

The Seibu Railway Co. group hopes the new hotel will serve as a symbol for its revival following a series of scandals involving Tsutsumi. It expects to attract 230,000 guests and post sales of 12.9 billion yen in its initial year in business.

The biggest question for the hotel is whether it can survive intensifying competition as several world-famous hotel chains are due to start business in Tokyo over the next few years.

They include Conrad and Mandarin Oriental, which will open hotels in Tokyo later this year, and The Ritz Carlton and The Peninsula, which will set up shop in the capital in 2007.

Tokyo Prince Hotel Park Tower has 673 guest rooms as well as two 2,394-sq.-meter banquet halls located on the second floor in the basement.

The Seibu Railway group, which also includes a professional baseball club and leisure facilities ranging from ski to hot-spring resorts, is effectively controlled by Kokudo.

Tsutsumi was arrested on March 3 and released on a 100 million yen bail on March 24 following his being charged.