Word: swissôtel
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...Along with bailing out of airline partnerships, Swissair has been selling non-core assets in hopes of lightening its debt load. Swissair ended its 10% stake in Austrian Airlines and sold its hotel division Swiss?tel to the Raffles group for $247 million. Corti said he expects to raise a further $1 billion by selling aircraft and leasing them back. But he also noted that the debt had fallen just slightly, so it was still around $4.4 billion at the end of June (its equity in December was only about $720 million...
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