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Hankyu to merge 2 hotel subsidiaries.

OSAKA, Feb. 6 Kyodo

Hankyu Corp. said Wednesday it will merge Hankyu Hotels Co. and Dai-Ichi Hotel Ltd., both wholly-owned subsidiaries, on April 1 in a bid to boost business efficiency.

The new firm, tentatively named Dai-Ichi Hankyu Hotels, will be capitalized at 2.05 billion yen and manage a total of 35 hotels, including 10 directly owned hotels, with a combined workforce of about 1,200, Hankyu officials said.

The 10 directly owned hotels include Hankyu Hotels' three major hotels in Toyonaka, Osaka Prefecture, Takarazuka, Hyogo Prefecture, and the Umeda district of Osaka.

The new firm, to be headquartered in Osaka or Tokyo, expects to post sales of 33 billion yen for fiscal 2002, according to Hankyu, a major railway company in the Kansai area.

Dai-Ichi Hotel runs five directly owned hotels in the Tokyo metropolitan area, while Hankyu Hotels operates five hotels in Osaka and Hyogo prefectures.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Feb 11, 2002
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