The Ihilani Resort and Spa on Oahu, Hawaii, one of the crown jewels of JAPAN AIRLINES CO., LTD.'s once far-flung real estate empire, will be sold to a Hawaiian company as part of the restructuring of the airline's investment portfolio. The nearby Ko Olina Golf Club also is part of the deal. The price of the transaction was not disclosed, but industry sources place it somewhere around $94.3 million. The resort and its 387-room luxury hotel opened in 1993. A JAL HOTELS CO., LTD. affiliate currently manages the properties, but that job will be handed over to MARRIOTT INTERNATIONAL, INC. when the sale is finalized.
An exchange rate of ¥106=$1.00 was used in this report. aaaaa