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Hotels sale boosts ANA 1st Qtr profits

Date Posted: 2007-08-09

The nationís number two air carrier, All Nippon Airways, says first quarter profits are very high, thanks to its spin off of company-owned hotels.

ANA this Spring sold its 13 domestic hotels, including Okinawa hotel properties, to Morgan Stanley, which already had more than 80 hotels worldwide. That deal reportedly reaped a •130 billion profit to ANA. The hotels are in Okinawa, Hokkaido, Toyama, Osaka, Hiroshima and other prefectures.

ANA will continue operating 18 other hotels it sold last Fall. The Harborview Hotel in Naha City, the Manza Beach Resort, and Ishigaki ANA Hotel and Resort were involved in that deal. The Laguna Garden Hotel in Ginowan, which ANA operates as a franchise, was also a part of the agreement.

The shift out of hotel management gives ANA a chance to invest in new aircraft purchases, as well as focusing on airline business. Itís net income rose nearly •80 billion for the quarter, but operating profits fell by a third due to increasing fuel costs. Analysts say the profits were a one-time boost attributed to the hotels sale to the American investment giant, offsetting a decline in the number of airline seats being filled, and the •11 billion jump in jet fuel.

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