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Business deals

Japan's Kintetsu to sell 8 hotels to Blackstone for $550m

Properties in Osaka and Kyoto on offer as rail group reels from COVID hit

Japanese railway group Kintetsu is selling properties in Osaka and Kyoto to U.S. fund Blackstone. (Source photos by Tomoki Mera and Reuters) 

TOKYO -- Japanese railway company Kintetsu Group Holdings plans to sell eight hotels in Osaka and Kyoto to U.S. investment fund Blackstone Group for around 60 billion yen ($550 million), Nikkei has learned.

Kintetsu's financial performance has been hit by a decline in passengers for its railway business due to the coronavirus pandemic. It plans to improve its finances by selling the hotels, in addition to previously announced measures like layoffs and selling office buildings.

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