A railway conglomerate in western Japan is selling several of its hotels in the region to a US investment fund. That's as it tries to rebuild its business battered by the pandemic.
Kintetsu Group Holdings will sell 8 hotels, including in Kyoto and Osaka, to a new company that will be established with Blackstone Group. The sale takes effect in October and represents one third of the firm's hotels.
The properties changing hands include the Miyako Hotel Kyoto Hachijo and one near Universal Studios Japan in Osaka.
Kintetsu will continue to operate the hotels after the sale, and maintain their current names.
Kintetsu's businesses have been under pressure from the coronavirus.
It has seen a sharp decline in the number of train passengers and the debt of a travel subsidiary has exceeded its assets.
The group is expecting a net loss of more than 700 million dollars in the current business year that ends this month.