TOKYO (Kyodo) -- Meiji University in Tokyo said Friday it has acquired the land and building of Hilltop Hotel adjacent to its main campus with plans to renovate the historic building beloved by many renowned figures in Japanese literature.

The private university aims to reopen the hotel, which has been closed since February due to its run-down condition, as part of projects to commemorate the 150th anniversary of its founding in 2031. It is considering using part of the building for student dormitories.

The art deco-style building, constructed in 1937, was designed by American-born architect William M. Vories, who was known for works incorporating features of both Japanese and Western architecture.

After opening as a hotel in 1954, it was often visited by Yasunari Kawabata, who in 1968 became the first Japanese writer to win the Nobel Prize in Literature, and novelist Yukio Mishima.

The hotel is located on a hilltop near Tokyo's Jimbocho area, home to many publishing companies and bookstores.

"Although its reopening date is undetermined, we'd like to pass it on as a new symbol of the university while maintaining the building's exterior," a university official said.