Abu Dhabi SWF in HK$18.5b Hong Kong hotels deal
It forms 50-50 joint venture with New World to pursue acquisitions in the hospitality industry
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Hong Kong
ABU Dhabi Investment Authority (ADIA) has agreed to buy a 50 per cent stake in three Hong Kong hotels from a group led by New World Development Co Ltd in a HK$18.5 billion (S$3.15 billion) deal, the sovereign wealth fund's biggest Asian property investment.
Under the deal, New World will sell its interest in three Hong Kong hotels - Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency Hong Kong hotel - to a joint venture to be formed by New World and ADIA, the Hong Kong company said in a statement on Thursday.
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