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
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co