ANA sells hotels to Morgan Stanley for $2.4bn

All Nippon Airways has told news wires it is to sell 13 hotels in Japan for a total of $2.4 billion (281.3 billion yen) to U.S. investment bank Morgan Stanley to concentrate on the mainstay airline business. ANA is expected to earn profits of some 130 billion yen through the sale of the urban and resort hotels, whose book value totals around 150 billion yen according to Jiji press wire.

The firm plans to use the proceeds to introduce new aircraft to beef up its competitiveness in preparation for the planned expansion of Narita International Airport and Tokyo International Airport at Haneda in 2010.

The 13 hotels include the ANA InterContinental Hotel Tokyo, which is the flagship hotel, the Strings Hotel Tokyo, the ANA Hotel Narita, the ANA Hotel Osaka, the ANA Hotel Hakata in *censored*uoka, and the ANA Hotel Hiroshima.

The remainders are one each in Sapporo, Chitose, Toyama and Kanazawa and three in Okinawa Prefecture.