The Regional Economy Vitalization Corporation of Japan (REVIC) is supporting the revitalization of Kaike Grand Hotel.
Kaike Grand Hotel, along with its main banking partner Tottori Bank, had applied for revitalization support from REVIC.
Based on the Regional Economy Vitalization Corporation of Japan Act, REVIC will support the revitalization by providing a loan of 552 million yen and an investment of 99 million yen to the new company that will inherit the business from Kaike Grand Hotel. This is in addition to dispatching management personnel in collaboration with Tottori Bank, which will also set a credit line.
Kaike Grand Hotel was established in February 1967. It has a capital of 50 million yen and 192 employees. In the fiscal year ending October 2024, it recorded sales of 2.038 billion yen and total assets of 3.327 billion yen.
Tottori Bank had extended a loan of 2.161 billion yen to Kaike Grand Hotel, facing potential risk of uncollectibility or delayed collection.
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