All Nippon Airways Co. announced Friday it will sell its 13 domestic hotels to U.S. brokerage giant Morgan Stanley for about 280 billion yen -- a move that will allow the carrier to focus on its core airline business.
The deal, the largest purchase of Japanese real estate ever made by an overseas investor, is expected to bring ANA a profit of 130 billion yen. The properties have a value of about 150 billion yen.
ANA, which was soliciting buyers via auction, received bids from several companies and investment funds. The deal will leave it with 18 other hotels that it operates but doesn't directly own.
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