Hotel Okura Co. Ltd. has acquired 79.6% of the issued shares of JAL Hotels Co. Ltd. from Japan Airlines International Co. Ltd.
The announcement was made earlier this month by JAL Hotels president and CEO Katsumi Chiyo, who said: “With regard to this transaction, JAL Hotels will continue to offer ‘superior quality airline oriented hotels’ to the public by maintaining and further enhancing our operational standards.
“Furthermore, it shall be the commonly shared goal of JAL, Hotel Okura as well as JAL Hotels to further develop and expand strong global competition of our chain to attain the position of a leading high quality international hotel network.”
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Hotel Okura hopes the acquisition strengthens its global competitiveness and establishes it as a leading Japan-based global hotel chain. Hotel Okura is banking on synergies with JAL Hotels to enhance the marketing, business development, human resources and overall brand value for both companies.
The share transfer is slated to be finalised by the end of September. The value of the transaction has not been made public.
JAL, which filed for bankruptcy protection in January, will retain its remaining 11.1% stake in JAL Hotels.
Hotel Okura operates 40 hotels, mainly in Japan and elsewhere in Asia Pacific. JAL Hotels operates 60 hotels around the world with nearly 18,000 guestrooms under the Hotel Nikko and Hotel JAL City brands.
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