The Kyoto Hotel, Ltd. (TSE:9723) announced a private placement of 974,000 common shares at a price of ¥616 per shares for a total gross proceeds of ¥599,984,000 in funding from Hotel Okura Tokyo Co., Ltd. on March 5, 2021. Post to transaction Hotel Okura Tokyo Co., Ltd. will own 35.33% of the shares in company. The company incurred ¥4,350,000 as a transaction expenses. The company issued shares under third-party allotment. The transaction has been approved by the board of directors of the company and is expected to close by March 31, 2021.