Sega Sammy Sells 'Seagaia' Resort to U.S. Investment Firm

May 10, 2024 | News On Japan

Miyazaki, May 10, 2024 (News On Japan) - Sega Sammy Holdings has announced the sale of its shares in the company that operates the Seagaia resort in Miyazaki City to an American investment company.

During Friday's board meeting, Sega Sammy decided to sell all shares of Phoenix Resort, the operator of Seagaia, to the American investment firm Fortress Investment Group.

Sega Sammy stated, "It was determined that Fortress, with its extensive experience and knowledge in the hotel and resort business, would best lead the operations of Seagaia."

Since 2011, Fortress has been involved in managing hotel operations within Japan and currently owns 176 hotels.

After the sale of all shares, Sega Sammy will retain a 20% voting interest through a different class of shares that offer distinct rights, aiming to improve occupancy rates and expand the target demographic.

Source: TBS

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