ANA Concludes Contract to Sell ANA Harbour Grand Hotel Sydney

9th Aug 2002

All Nippon Airways (ANA) announced that its holding company, ANA Holding Pty Ltd has concluded a contract to sell the ANA Harbour Grand Hotel Sydney (Lilyvale Hotel Pty Ltd) to GIC Real Estate Pte Ltd (GIC RE) the real estate investment company of GIC (Government of Singapore Investment Corporation Pte Ltd) for AUD 206.5 million.
“This transaction follows on the heels of the sale of the ANA Grand Hotel Wien and is in line with the ANA Group`s corporate strategy of focusing resources on core operations,” said Yoji Ohashi, ANA`s president and CEO. “This completes the sale of our last fully-owned overseas hotel and proceeds will be utilized to increase free cash flow and reduce interest-bearing debt.”

As a provision of the contract, the property will continue to bear the ANA brand and remain a member of ANA Hotels under a license agreement that includes a sales function through a referral system.


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