Japan Airlines (JAL) will sell a 79.6% stake in its hotel chain subsidiary JAL Hotels (JHC) to Hotel Okura, as the carrier embarks on a financial restructuring plan.
With the sale, JAL will retain an 11.1% stake in JHC through its subsidiary Japan Airlines International, says the carrier.
The stock transfer will be completed in end-September, it adds.
The airline filed for bankruptcy protection in January after incurring heavy losses, and has received a government bailout. It has pledged to cut workforce numbers, drop unprofitable routes and sell off non-core assets.