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ANA to sell ten hotel properties

Date Posted: 2006-12-18

All Nippon Airways has decided to sell its hotel real estate properties, including several in Okinawa Prefecture.

ANA, which earlier announced plans to sell the hotels themselves, now says it will sell the real estate on which ten hotels sit. ANA wants to cut its management risks be getting out from under sliding real estate prices and rising maintenance costs.

It expects to gain more than 100 billion from the sales, which ANA expects to complete by the end of the year. The Harborview Hotel in Naha City, the Manza Beach Resort, and Ishigaki ANA Hotel and Resort are affected.

Other real estate will be sold by ANA Group in Chitose, Tokyo and Hakata. It linked with British Intercontinental Hotels Group in November to transfer hotel management, as well as aircraft service. Other ANA hotels are in Tomiyama, Hiroshima and Monza.

Intercontinental and ANA are hammering out details and working relationships now, and say a name change to ANA Intercontinental is coming soon. ANA is expected to continue operating the hotels.

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