MBI International

MBI International News & Press: 23/08/2002

Wall St Journal - ANA To sell Vienna Hotel To Saudi Group- Nikkei

DOW JONES NEWSWIRES VIENNA (Nikkei)--All Nippon Airways Co.

ANA will sell its ANA Grand Hotel Wien to the JJW group of Saudi Arabia for an estimated 80€ million, The Nihon Keizai Shimbun learned Tuesday, the newspaper reported in its Wednesday morning edition.

The two sides are expected to make the deal official on Wednesday.

The vienna-based hotel, which opened before World War II, is one of the city's most prestigious hotels. The Japanese airline bought the hotel, which had been used as an office building after the war, and reopened it in 1994.

Japanese tourists and business people stay at the hotel when they visit central and east European countries.

ANA announced in may plans to withdraw from overseas hotel operations due to deterioting profitability in the wake of sept 11 terrorist attack.

The JJW which rounds hotels mainly in Europe is expected to change the name to Grand Hotel before taking over operations next month.

MBI & Partners UK Limited

Mohamed Bin Issa Al Jaber is the founder, Chairman & CEO of MBI International, a group of companies with an asset value in excess of USD 9 billion which operates across Europe, the Middle East and the United States. Over the past twenty five years, MBI Al Jaber's businesses have grown into major international concerns.

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