All Nippon Airways (ANA) announced today that its holding company, ANA International Europe B.V. has completed the sale of the ANA Grand Hotel Wien for EUR 110 million (approximately JPY 13 billion, USD 108 million) to London-based, JJW Hotels & Resorts (JJW).
“This is a well-timed opportunity that fits squarely with ANA’s corporate strategy of focusing resources on core operations,” said Yoji Ohashi, ANA’s president and CEO. “Proceeds from the sale of this property will be utilized to reduce the group’s interest-bearing debt with the primary goal of strengthening the balance sheet and increasing cash flow.”
Henceforth, the hotel will be known as the Grand Hotel Wien and will continue as a member of ANA Hotels under a marketing alliance. Under this agreement, ANA Hotels will continue sales functions under a referral system and license the UNKAI brand name for the hotel’s acclaimed Japanese restaurant.
The ANA Harbour Grand Hotel Sydney is the ANA Group’s remaining fully-owned hotel held overseas. Preparations to sell the ANA Harbour Grand Hotel Sydney are proceeding as planned and a transaction is expected within the current fiscal year.