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Mitsubishi Corporation

Press Room

August 16, 2012
Capital Hotel 1000 Limited
Mitsubishi Corporation
Mitsubishi Corporation Disaster Relief Foundation
Kesennuma Credit Union

Agreement Reached on Hotel Reconstruction Project in Rikuzentakata

Capital Hotel 1000 Limited (hereafter ‘Capital Hotel 1000’) and Mitsubishi Corporation Disaster Relief Foundation (hereafter ‘the Foundation’) have reached an initial agreement to support the reconstruction of a hotel in Rikuzentakata, Iwate prefecture, in north eastern Japan.
Capital Hotel 1000 and the Foundation are scheduled to finalize an investment agreement by September, with the Foundation planning to invest 100 million JPY in the reconstruction project.
Before the Great East Japan Earthquake devastated the area, Capital Hotel 1000 had been an important landmark as the only hotel in Rikuzentakata city. As well as contributing to the revitalization of the region through its reconstruction, the hotel will employ approximately 20 people when it opens. At least half of these positions will be filled by hiring former employees of the old hotel while the remainder will be filled by recruiting local high school graduates. The new hotel will be a three-floor steel frame building with a total of 40 rooms and can accommodate up to 80 people at a time. Built in the hills, about 2km from the coastline, the hotel is scheduled to open in June 2013.
Capital Hotel 1000 is aiming to achieve financial and management autonomy through government financing and public subsidies, a loan from Kesennuma Credit Union, and investment from the Foundation. In addition, to bring about further recovery for Rikuzentakata, the Foundation is also looking to donate the dividends from the investment to the city.  
The Foundation was established by Mitsubishi Corporation in March 2012. To assist in job creation and support the industrial revival of the disaster area, the Foundation has been providing scholarships for students affected by the earthquake and giving support to NPOs engaged in restoration efforts, but this is the first reconstruction project it has supported directly.  
Within Rikuzentakata city, there is currently a high demand for accommodation facilities from workers and volunteers, and going forward, there will be a need for facilities that can be used for ceremonies and events while current capacity falls short of this demand. In addition, as construction costs, including material costs and labor costs have been rising and affecting the reconstruction plans of the Capital Hotel 1000, it has been necessary to secure stable capital in addition to government subsidies and funding from financial institutions.
Against this backdrop, the Foundation, together with the Kesennuma Credit Union, has reached a basic agreement to look into investing in the reconstruction of Capital Hotel 1000.

◇Funding Structure:

◇Image of the new hotel

◇Photo of the old hotel (before the earthquake)

1.Capital Hotel 1000 Limited:
①Head Office :195 Aza Maide, Yokota-cho Rikuzentakata, Iwate, Japan
②Established:December 2011
③Capital :500,000 yen
④Business Activities :Hotel in Rikuzentakata
⑥Representative :Naoki Hatakeyama, Executive Director
2.Mitsubishi Corporation:
①Head Office :3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
②Established :April 1950
③Capital :204,446,667,326 yen
④Business Activities :Mitsubishi Corporation (MC) has six Business Groups which develop operations in the diverse fields of Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group and Global Environment & Infrastructure Business Development Group.
⑤Sales :19,233.4 billion yen(consolidated for year ended March 31, 2012)
⑥Employees :5,795(as of March 2012, non-consolidated)
⑦Representative :Ken Kobayashi, President and Chief Executive Officer
3.Mitsubishi Corporation Disaster Relief Foundation
①Head Office :3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
②Established :March 2012(Incorporated in May 2012)
③Funds :6 billion yen
④Activities :To contribute to the recovery of the regions afflicted by the Great East Japan Earthquake through the provision of scholarships, grants for NPOs and social welfare corporations, and recovery of industry and job creation.
⑤Representative :Yasuhiro Hirota, Executive Director(Senior Vice President, General Manager, CSR & Environmental Affairs Department, Mitsubishi Corporation)
For further details about the Foundation, go to:
4.Kesennuma Credit Union:
①Head Office :2-4-10 Yoka-machi, Kesennuma City, Miyagi, Japan
②Established :September 1926
③Capital :7.8 billion yen
④Business Activities :Loans and Deposits
⑤Employees :121
⑥Representative : Tsutomu Sugawara, President

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