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Hotel Properties unit partners Anchorage View to purchase London hotel for £39.4m

HOTEL Properties Limited's (HPL) wholly owned subsidiary, HPL Properties (West) Pte Ltd, has formed a joint venture (JV) company with Anchorage View Pte Ltd (AVPL) to acquire a hotel operation and property in West London for about £39.4 million (S$70.2 million).

The issued and paid-up capital of the JV company, HPL Ealing Pte Ltd, is S$10 comprising 10 ordinary shares, HPL said in a filing to the local bourse on Friday.

It added that the JV firm is 70 per cent owned by HPL Properties (West) Pte Ltd, with the remaining 30 per cent stake held by AVPL.

HPL managing director and deemed controlling shareholder Ong Beng Seng and HPL non-executive director David Fu Kuo Chen have equity interest in AVPL.

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HPL Ealing has entered into a share purchase agreement to purchase the entire issued share capital of (i) Dorset London West Limited, a company incorporated in England, and (ii) DT Ealing S.a.r.l., a company incorporated in Luxembourg, from Gilmour S.a.r.l.

The property, fully renovated and rebranded in 2013, operates under the Hilton Doubletree brand and comprises a 189-key hotel with extensive conference and banqueting space, with a restaurant and bar.

The hotel is located close to main line and underground stations, including Crossrail, as well as has easy access to the major sports stadiums of Wembley and Twickenham.

"It is intended that HPL's share of the acquisition of the target group together with the property shall be funded by way of a combination of third party loan financing and internal resources and is not expected to have any material effect on the consolidated net tangible assets per share and consolidated earnings per share of HPL Group based on the audited consolidated accounts of the HPL Group for the year ended Dec 31, 2016," the group said.