Tuesday, July 29, 2014         

 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

Kyo-ya owner buys out Cerberus, Dickhens steps down

By Allison Schaefers

LAST UPDATED: 06:05 p.m. HST, Feb 06, 2014

Kokusai Kogyo Co,, the parent of Kyo-ya Hotels & Resorts LLC, bought out Cerberus Capital Management LP's controlling interest in the company in a deal that closed today in Japan, according to sources close to the deal.

The transaction coincides with an announcement in Honolulu that Greg Dickhens, the president of Kyo-ya Hotels & Resorts LLC,  is stepping down to pursue other business interests after more than eight years with the company.

Both of these announcements are of special interest to Hawaii since five of the six hotels owned by the company are in the isles and Dickhens, who represented Cerberus' interests, has been credited with the financial and physical transformation of Kyo-ya and its core Waikiki assets.

Kyo-ya, which employs more than 3,500 workers, owns the Sheraton Waikiki Resort; the Moana Surfrider Hotel, A Westin Resort and Spa; the Royal Hawaiian, A Luxury Collection Resort; the Sheraton Princess Kaiulani; the Sheraton Maui Resort and Spa; as well as the San Francisco-based The Palace Hotel, A Luxury Collection Hotel.

The change returns control of Kyo-ya's assets in the isles to a long-time owner Kokusai Holdings K.K., an entity owned and controlled by Takamasa Osano and his family members and affiliates. Prior to the sale, Cerberus owned 55 percent of Kokusai Kogyo and the founding family owned 45 percent. After today's deal, Kokusai owns 100 percent of the company.

 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
localhaole wrote:
Great news for Hawaii! The Osano family has done good by residents and visitors alike.
on February 6,2014 | 04:25PM
Breaking News
Political Radar
`My side’

Political Radar
‘He reminds me of me’

Bionic Reporter
Needing a new knee

Warrior Beat
Monday musings

Small Talk
Burning money

Political Radar
On policy

Warrior Beat
Apple fallout