HPL to book S$29m gain from sale of London hotel interests

Singapore

HOTEL Properties Ltd (HPL) has sold its entire interest in HPL (Olympia) Ltd (HOL) and Maple Olympia Propco 4.

The £40.8 million (S$72 million) cash sale to an unrelated party will reap a gain of S$29 million but the group's net tangible assets will not be affected for the year ended December 2021.

The transaction was made via HPL Olympia Pte Ltd (HOPL), which owns HPL (Olympia) and Maple. HOPL is in turn 80 per cent owned by the group's fully-owned HPL Properties (West) Pte Ltd.

Maple owns the 405-room Hilton London Olympia while HOL rents and operates the hotel.

HPL substantial shareholder and managing director Ong Beng Seng has a 20 per cent deemed interest in HOPL through Como Holdings. HPL shares ended Friday at S$3.57 on a cum dividend basis, up 0.3 per cent or S$0.01.