Agence France Presse - ANA to sell Vienna hotel to London-based JJW for 110 million €

23rd August 2002

All Nippon Airways Co Ltd. Will sell a hotel in Vienna to London-based JJW Hotels & Resorts for 110 million € ($108 million) as part of a push to divest non-core assets, a spokesman said Wednesday.

This is part of the company's corporate strategy of focusing resources on core operations,"said ANA's Fred Tanaka.

Gains from the sale of ANA Grand Hotel Wien would be funnelled into free cash flow and be used to reduce interest-bearing debts, Tanaka said.

ANA also has plans to sell its ANA Harbour Grand Hotel Sydney in Australia, with talks "in progress" on its sale, he said.

Japan's number two airline said in May it reversed a profit for a 9.5 billion yen ($75.6 billion) net loss in the year leading to March.

It said at the time revenue from its hotel business had dropped 9.6 percent to 75.6 billion yen, with 600 million yen in operating losses.

The airline predicted two billion yen in net profits in the year to March 2003.