Business Services Industry
Japan Tobacco Inc. to Pull Out of Hotel Business.
Knight Ridder/Tribune Business News, September, 2003
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Sep. 29--OSAKA, Japan--Japan Tobacco Inc. (JT) said Monday it will retreat from the hotel business by selling its trade rights over Tokushima Prince Hotel to Prince Hotels Co.
JT will sell the hotel facilities, including the land lot, in the city of Tokushima on the southwestern Japan island of Shikoku at the end of next March. It will simultaneously liquidate its wholly owned hotel management subsidiary, JT Tokushima Prince Hotel Inc.
The whole operation of the hotel, including its personnel, will be taken over by Prince Hotels, JT said.
The decision to pull the plug on the hotel business is part of JT's operational restructuring aimed at focusing management...
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