Osaka Prefecture (Japan) has changed the tenant operator for the site of the former Sakishima Cosmo Tower Hotel to Livemax, following the withdrawal of Abest Corporation.
The lease term is 15 years, with a monthly rent of 45,454,546 yen. This is roughly 15 million yen less per month than Abest’s proposal. A fixed-term building lease agreement will be concluded within three months.
The premises occupy floors 7 through 17 of the Osaka Prefectural Government Sakishima Building. Renovation work by the previous tenant to convert floors 7–9 to hotel specifications has been left suspended, while floors 10–17 are already in hotel configuration.
The former Sakishima Cosmo Tower Hotel had been operated by Sakishima Cosmo Tower Hotel Development, jointly funded by Rico Japan and Nishitsuji Construction, which applied in a 2017 operator solicitation. Although the hotel began opening in stages from January 2019, Osaka Prefecture sued the company for unpaid rent and won the case. The company’s president and others have been arrested on suspicion of concealing assets.
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