The 16-story hotel is located immediately north of Osaka Station. It opened in 1969 and was renovated in 2000. There are six restaurants in the building, split between the basement level and the panoramic top floor. It also boasts a wedding chapel and a photo studio, according to descriptions available on the Internet.
As part of the agreement, the hotel is being renovated to position it under the Ramada name as a contemporary mid-class hotel. The renovation will include remodeled restaurants, lobby and lounge areas and fully renovated guest rooms.
Reas Kondraschow, a senior vice president and managing director of Cendant Hotel Group International, says having a Ramada in Osaka will enhance the recognition of the Ramada brand in Japan. "Our Asia Pacific expansion strategy is a priority for the growth of our brands," he adds.
Panorama Hospitality KK manages and operates a portfolio of 13 hotels owned by Morgan Stanley's real estate funds in Japan and the Asia Pacific region. The funds acquired the Toyo Hotel in September 2004. Panorama Hospitality KK is a wholly owned subsidiary of the Morgan Stanley group.
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