Under the terms of the agreement, the hotel will be rebranded as Grand Nikko Tokyo Daiba, post the acquisition.
Set to be reopened on July 1, the 30-storey, 884-room Grand Nikko Tokyo Daiba hotel features 17 banquet and meeting rooms, nine restaurants and bars, two wedding chapels, a fitness club, an outdoor swimming pool, a beauty-treatment clinic as well as other facilities.
The transaction is expected to be closed by May, this year.
Okura Nikko Hotel Management president and CEO of Marcel P. van Aelst said: “Grand Nikko Tokyo Daiba will be renovated between now and 2020, ensuring a warm welcome for Japanese visitors and the ever-increasing number of travellers from overseas.”
Okura Nikko Hotel Management has nearly 74 hotels in its portfolio and is currently planning on redesigning its website to make it user-friendly across all types of devices.
The hotel giant has contracted e-commerce solutions provider FastBooking to carry out the work.
The Japan National Tourism Organisation claims the international arrivals to have reached an all-time high in the fiscal year ending March 31, 2016.
The Japanese government targets to host 40 million international visitors annually by 2020.
Image: The hotel will be rebranded as Grand Nikko Tokyo Daiba, post the acquisition. Photo: courtesy of Business Wire.