TOKYO Hotel Okura Co. Ltd. has acquired 79.6% of the issued shares of JAL Hotels Co. Ltd. from Japan Airlines International Co. Ltd.
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 finalized 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.
