Hotel Okura Co. announced Friday that it has decided to purchase a majority stake in JAL Hotels Co., a hotel operating unit of struggling Japan Airlines Corp.
Hotel Okura, based in Tokyo, said it will acquire 79.6 percent of the shares in JAL Hotels in late September. It said it will basically keep on 980 employees of JAL Hotels.
It did not disclose the price for the acquisition but sources familiar with the matter put it at roughly 6 billion yen.
The Hotel Okura group runs 16 hotels in Japan and five overseas, according to the company's website. JAL Hotels operates 39 hotels in Japan and 18 abroad under the Nikko and JALCITY brand names.
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