Japanese game maker Sega Sammy sells resort to US fund
TOKYO (AP) — Sega Sammy is selling its resort complex Seagaia to Fortress Investment Group of the U.S., the Japanese entertainment company said Friday.
Tokyo-based Sega Sammy Holdings, the company behind the “Sonic the Hedgehog” video games, said it will sell all its shares in Phoenix Resort Co., which operates Seagaia in Miyazaki, southwestern Japan.
Financial terms of the deal were not disclosed.
The move, approved by the Sega Sammy board of directors, will result in a gain of about 8.5 billion yen ($55 million) in extraordinary income for the fiscal year through March 2025.
New York-based Fortress was chosen, Sega Sammy said in a statement, because of its experience since the company has acquired 176 hotels since 2011.
Sega Sammy will continue to work with Phoenix, acquiring 20% of voting rights through newly issued shares after the ownership sale is completed.