Transaction|September 6, 2016

Okabe transfers its hotel business to APA Hotel

Torys acted as counsel to Okabe with a team led by Don Bell and which included Andrew Wong, Sabrina Gherbaz, Will Hooper and Blake Pronk.

On July 28, 2016, Okabe Co., Ltd. (Okabe) announced that it concluded a share purchase agreement with APA Hotel International Inc., a wholly owned subsidiary of APA Hotel Co., Ltd., for the transfer of its hotel business, consisting of Okabe North America, Inc. and Coast Hotels Limited, at a sale price of ¥16.3 billion (C$205 million).

The sale closed on September 6, 2016.

Okabe North America is a real estate and investment subsidiary of Okabe Co., Ltd. in Japan that owns five hotels in western Canada.

Coast Hotels & Resorts, headquartered in Vancouver, British Columbia, offers properties throughout British Columbia, Alberta, Northwest Territories, the Yukon, Alaska, California, Hawaii, Oregon and Washington.

APA Hotel operates a chain of hotels and resorts in Japan.

Okabe is a leading manufacturer of building hardware such as scaffolding frames, construction structural materials and civil engineering products.

Further information can be found on Okabe's website.