MAY 28, 2010 -- Japan Airlines Corp. is finalizing negotiations to sell its hotel portfolio to Tokyo-based Hotel Okura Co., news sources reported today.
JAL, which currently is undergoing state-backed reorganization following its filing for the Japanese equivalent of bankruptcy protection earlier this year (BTNonline, Feb. 9), is selling its hotels as part of an attempt to regain profitability, according to Kyodo News International. JAL's managed hotel brands include the luxury Nikko Hotels International brand and the business-travel-focused Hotel JAL City brand.
JAL has managed hotels since it established its subsidiary JAL Hotels in 1970. Its current portfolio consists of 58 hotels, totaling more than 18,000 rooms, mostly in Japan and in JAL hub cities globally.
Hotel Okura has a portfolio of 23 member hotels, mostly in Japan but also in Korea, China, the Netherlands and Hawaii.
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