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.
