Word: seagaia
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Dates: during 2000-2009
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...Japanese bank?Long-Term Credit Bank, the fifth largest in the country. Last year it snapped up the biggest share in?and effective control of?Nippon Columbia, the 92-year-old record label whose name is synonymous with enka (Japanese folk ballads). Then Ripplewood bought out Seagaia, a sprawling golf-and-beach resort on the southern island of Kyushu that plays host to Japan's best-known golf tournament. Ripplewood also purchased Niles Parts, an auto-parts maker...
...Japanese companies always prefer to sell to other Japanese companies," says Dean Yoost, CEO of a PricewaterhouseCoopers division in Tokyo that advises on mergers and acquisitions. The foreigner is the buyer of last resort. That means the price is often right: Ripplewood paid $130 million for Seagaia (with a commitment to invest $100 million)?a total that is only 8% of the $3 billion it cost to build the resort, which opened in 1994. But Ripplewood faces a turnaround task that is the corporate equivalent of raising the dead...
...Collins turned Ripplewood's renamed Phoenix Seagaia Resort over to his fly-fishing buddy Michael Glennie, who had run the Boca Raton Resort and Club and the Waldorf Astoria in New York City, but who concedes that "this is a different challenge." Seagaia boasts five golf courses, four hotels and a convention center on six miles of Pacific coastline. It offers bowling, tennis and riding. It also has a water park called the Ocean Dome that costs $5 million a year to operate and includes simulated waves lapping at a beach made of imported crushed marble...
...Japanese companies always prefer to sell to other Japanese companies," says Dean Yoost, CEO of a PricewaterhouseCoopers division in Tokyo that advises on mergers and acquisitions. The foreigner is the buyer of last resort. That means the price is often right: Ripplewood paid $130 million for Seagaia (with a commitment to invest $100 million)--a total that is only 8% of the $3 billion it cost to build the resort, which opened in 1994. But Ripplewood faces a turnaround task that is the corporate equivalent of raising the dead...
Collins turned Ripplewood's renamed Phoenix Seagaia Resort over to his fly-fishing buddy Michael Glennie, who had run the Boca Raton Resort and Club and the Waldorf Astoria in New York City, but who concedes that "this is a different challenge." Seagaia boasts five golf courses, four hotels and a convention center on six miles of Pacific coastline. It offers bowling, tennis and riding. It also has a water park called the Ocean Dome that costs $5 million a year to operate and includes simulated waves lapping at a beach made of imported crushed marble...