Receivers to sell mainland developer Shimao’s 2 Hong Kong hotels for US$344 million
Receivers of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have agreed to sell the dual-branded complex, which together comprise the city’s third-largest hotel by room count, for HK$2.7 billion (US$344 million), Shimao Group announced on Thursday. In a filing to the Hong Kong stock exchange, the distressed mainland Chinese developer said the buyer was Oceanfront Hong…
Receivers of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have agreed to sell the dual-branded complex for US$344 million, according to the Hong Kong-based developer Shimao Group. The buyer is Oceanfront Hong Kong Limited, an entity with connections to ParkCity Group and other investment vehicles. The sale, which is expected to be completed by year-end, will help reduce Shimao's overall indebtedness and improve its financial position.
The 1,219-room property on Lantau Island near the airport and MTR station has an estimated value of around HK$10,000 per square foot to develop.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
