Osano Empire
In 1974, Japanese brothers Kenji Osano and Masakuni Osano bought the Hawaiian holdings of the Sheraton Corporation, including the 3 year-old Sheraton Waikiki Hotel. The Osano brothers formed Kyo-Ya Company Limited, a subsidiary of Kokusai Kogyo Company Limited as the corporate entity charged with overseeing the hotel properties. The purchases put the Osano brothers on the Forbes List of World's Richest People in 1999. After the death of the Osano brothers, Takamasa Osano inherited the billions of dollars owned in properties. The Sheraton Waikīkī Hotel is used as the corporate office of the Osano Empire. In 2004 Takamasa Osano sold 65% of Kokusai Kogyo to Cerberus Partners LP to cover $4 billion in defaulted loans. He still controls 35% of the company.
Read more about this topic: Sheraton Waikiki Hotel
Famous quotes containing the word empire:
“There is a concept that is the corrupter and destroyer of all others. I speak not of Evil, whose limited empire is that of ethics; I speak of the infinite.”
—Jorge Luis Borges (1899–1986)