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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Stricken carrier JAL to sell most of hotel unit AFP - Saturday, August 7 Send IM Story Print Stricken carrier JAL to sell most of hotel unit Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – The Japan Airlines group on Friday said it would sell a 79.6 percent stake in its hotel business subsidiary by the end of September as it continues to restructure, focusing on its core business. JAL, which currently holds a 90.7 percent stake in JAL Hotels Co. through its wholly owned subsidiary Japan Airlines International Co., declined to disclose the value of the sale to Hotel Okura Co. "There has been intense competition in the hotel industry, with a decline in guest figures following challenging economic conditions and the entrance of new overseas hotel operators," JAL said in a statement. The carrier, which filed for bankruptcy protection in January, will retain its remaining 11.1 percent stake in JAL Hotels, which operates 40 hotels in Japan and 18 hotels overseas. The brand names of Hotel Nikko and Hotel JAL City will be retained as part of the deal, JAL said. The carrier is due to submit a finalised turnaround plan to the Tokyo District Court at the end of August. Recommend Send IM Story Print Related Articles AIG tops view, starts talks on gov't exit Reuters - 19 minutes ago US-BUSINESS Summary Reuters - 25 minutes ago New York AG files price-fixing suit vs LCD makers Reuters - 25 minutes ago Wall Street slips on jobs data; ends higher for week Reuters - 28 minutes ago NY AG files price-fixing suit vs LCD makers Reuters - 29 minutes ago News Search Top Stories UN talks flounder as climate impacts mount, say delegates US economy sheds 131,000 jobs Smog from spreading Russia fires chokes Moscow US insurer AIG reports $2.66 bln quarterly loss England on top after latest rout of Pakistan More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended 40 US billionaires pledge half wealth to charity Wyclef Jean flying to Haiti to announce presidential run Fannie Mae loss shrinks to 3.1 billion dollars Scientists find sea sponges share human genes US attends Hiroshima atomic memorial for first time More Most Viewed » Parachuting donkey shocks Russian beachgoers Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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