InterContinental group to sell HK hotel for US$938 million
It retains contract to manage the property
Hong Kong
INTERCONTINENTAL Hotels Group Plc has agreed to sell the InterContinental Hong Kong to a group of investors advised and managed by Gaw Capital Partners for US$938 million.
InterContinental will retain a 37-year management contract for the hotel, the Denham, England-based company said in a statement on Friday. It will make a US$700 million pretax profit from the sale, with an estimated non-cash tax charge of US$40 million, according to the statement.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Australia’s housing rent hits record high in headache for RBA
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise