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Pless Rerease

September 12, 2006
Ishin Hotels Group acquires fifth hotel in Okinawa, the former gGrand Ocean Hotelh

Ishin Hotels Group (Michael Nigitsch: President & CEO, Headquarters: Toranomon, Minato-ku, Tokyo) acquired its 5th property in Okinawa formally known as the gGrand Ocean Hotelh (Address: Naha, Okinawa, number of guest rooms: 205) from Gima Co., Ltd. and joint venture, Izutsuya on Tuesday, September 12, 2006. This hotel (currently closed since April 2006) will be owned and operated by Ishin Hotels Group. Guest rooms, spa, restaurants and banquet halls will be fully renovated and revived as a new brand tentatively by June 2007 (brand name not yet decided).

The former gGrand Ocean Hotelh is located in the middle of a dynamic business area in Naha called gKumoji,h approximately 10 minutes away from Naha Airport by car. Therefore, this hotel will be able to broadly accommodate both the leisure and business guests. Ishin Hotels Group has acquired so far four hotels in Okinawa (Okinawa Port Hotel, Sun Marina Hotel, Renaissance Resort Okinawa and Coco Garden Resort Okinawa) and with the acquisition of gGrand Ocean,h the total number of guest rooms will be 1,092 rooms just in Okinawa. Ishin Hotels owns 21 hotels with a total number of guest rooms reaching a figure of 5,339 throughout Japan.

Ishin Hotels Group will staff a vice-president of operations for the Okinawa area to look for long term growth in Okinawa as a tourism market while strengthening its sales structure and improve operational efficiency.

Information on this press release

Ishin Hotels Group (ATTN: Fujishiro/Masaka)
Shuwa Kamiyacho Building 10F,4-3-13, Toranomon, Minato-ku, Tokyo, Japan
TEL:03-5733-7733 FAX:03-5733-7734

Hotel facilities overview

The former Grand Ocean Hotel

Address: 2-1-5, Kume, Naha, Okinawa 900-0033
TEL:0725-20-111 FAX:0725-31-1313

Opening Day:May , 1987

Building outline: Land area / 1,996?
Building area / 1,126?
Total-floor area / 11,268?
Stories / 13- story building with 1 basement floor

Hotel facilities:Guest rooms / 205

Company profile: Ishin Hotels Group

Established:January 2001
Capital:JPY 21,500,000
Headquarters:Shuwa Kamiyacho Building 10F,4-3-13, Toranomon, Minato-ku, Tokyo, Japan
Number of employees:37 (Group total: 1,471; as of July 2006)
Business description:Hotel acquisition, ownership, operations, and assets Management
Representative:President & CEO / Michael Nigitsch
Board members:
Michael Nigitsch / President & Chief Executive Officer
Yasuo Kawakami / Senior Vice President, Acquisitions
Aya Aso / Senior Vice President, Business Development
Satoru Horikawa / Vice President, Sales & Marketing
Kenji Matsuo / Vice President, Technical Services
Kozo Nagao / Vice President, Finance
Kazuyuki Nagata/Vice Present, Human Resources
Michael Bidinger / Vice President, Acquisitions
Yoshihito Hokama / Vice President, Acquisitions
Kenichiro Takashima / Vice President, Acquisitions

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