Ownership of Riga Royal Hotel changes hands
A real estate subsidiary of Morgan Stanley, one of the largest global financial services firms, obtained on Oct. 29th, the ownership and management rights of Riga Royal Gran Okinawa hotel in Asahimachi, Naha City.
According to sources familiar with the deal, the hotel name will not change, and all the staff and hotel services will remain.
Riga Royal Gran Okinawa opened in June 2012 at Kafuna Asahibashi, a redevelopment area around the Asahibashi monorail station. Designed as a city resort, the hotel has 157 guest rooms. Its customers are mainly individual travelers like business people and tourists from Asian countries.
According to the hotel management report, its had 78% occupancy rate in fiscal 2014, which had risen to 85% as of the end of October of fiscal 2015.
The same Morgan Stanley affiliate owns Loisir Spa Tower Naha in Nishi, Naha City as well.