The Grand Prince Hotel Akasaka in Tokyo, Japan, is closing for redevelopment. The announcement by owners Seibu Holdings that it is shutting its doors at the end of March means the end to an era for the much-loved institution dating back to 1955. The First Class Collection affiliate of Worldhotels since 1998 was redesigned with a landmark 40-storey tower built by the famed architect Kenzo Tange in 1983. But the owners have decided to close the once highly-fashionable hotel with the “change of the times”. The site is scheduled to be redeveloped but no firm plans have yet been decided upon. Affectionately known as the 'Akasaka Prince’ or 'Aka Pri’, the hotel was a popular choice of celebrities and politicians, and a frequent venue for government meeting and press conferences. “The Grand Prince Hotel Akasaka was much-loved and it is always sad to see an iconic institution close, but life moves on,” said Roland Jegge, Vice President Asia Pacific for Worldhotels.