Hotels Update (8865C)
March 14 2011 - 8:15AM
UK Regulatory
TIDMJPLH
RNS Number : 8865C
Japan Leisure Hotels Ltd
14 March 2011
14 March 2011
Japan Leisure Hotels Limited
("JPLH" or the "Company")
Hotels Update
Japan Leisure Hotels is today providing an update on its
operations following the events in Japan at the end of last
week.
Japan Leisure Hotels operates six hotels in Japan. The largest
of these hotels is located in Sendai, which was the closest city in
Japan to the earthquake's epicentre and was severely impacted by
the tsunami.
In spite of this, the hotel building in Sendai has been left
intact, although it did sustain damage which is currently being
assessed. Basic infrastructure, such as gas, water, electricity and
telephone services, is either sporadically available or not
available at all, nor is it currently possible to supply the hotel
for normal operations. As a result, the hotel has been shut down,
and it is estimated that it will be out of operation for at least a
month. This is likely to have a material impact on the performance
of the Company.
Of the Company's remaining five hotels, the hotel at Yamagata
was closed for 24 hours, but has recommenced operations, albeit on
a limited basis. As a result of rolling electricity blackouts
imposed by Tokyo Electric Company, the hotel at Isawa may also be
affected. The other three hotels are operating normally.
Japan Leisure Hotels can confirm that all of its hotels'
management and staff have been safely accounted for, with the
exception of two employees who have yet to be contacted. None of
our guests sustained any injuries whilst resident in the hotel
during the earthquake.
As announced on 20 December 2010, the Company is in discussions
with several parties, to enable the Company's largest shareholder,
DKR Oasis Management Company, LP to exit its investment in the
Company. These discussions are continuing, although it is likely
that they will be extended as a result of these latest
developments.
Further statements will be made as and when it is appropriate to
do so.
Enquiries:
Asset Manager
Steve Mansfield +81 3 4550 1820
Shore Capital and Corporate Limited
(NOMAD to the Company)
Dru Danford
Stephane Auton 020 7408 4090
Pelham Bell Pottinger 020 7861 3112 or 07802 442
Archie Berens 486
This information is provided by RNS
The company news service from the London Stock Exchange
END
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