Hoshinoya Resort Co., a company with headquarters in Karuizawa, Nagano Prefecture that manages a number of luxury hotels in Japan, has taken over the assets of bankrupt Okinawa Umino-sono that used to be one of the largest real-estate development companies on Okinawa.

The transaction reportedly took place on February 27th when Hoshinoya Resorts reportedly acquired all the assets of Umino-sono, and with the deal obtained the management and development rights to 330,000 square meters of land around Hotel Nikko Alivila in Gima, Yomitan.

In an interview with Okinawa Times newspaper, a spokesman for Hoshinoya Resort Co. stated, “We have not thought of a specific business plan, yet. We will start to do that from now.”  However, the company does not deny that a new resort development could be in the cards in the future.

Hoshinoya Resort Co. manages hotels in 30 locations in Japan. In Okinawa, the company has opened and manages three hotels; Risonare Kohamajima, Risonare Iriomotejima and Hoshinoya Taketomijima.

While Umino-sono had plans to develop several resort hotels and tourism facilities mainly in Yomitan since 1985, only Hotel Nikko Alivila became a reality.  Umino-sono went bankrupt In January 2013 with ¥17.9 billion in liabilities due to a slump in business.

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