04.05.2015 - ADIA Finally Rewarded in Its Luxury Hotels Hunt
The Abu Dhabi Investment Authority (ADIA) has paid HK$10 billion ($1.3 billion) to Hong Kong–based hospitality company New World Development to own three of the territory’s prime hotels valued at HK$18.5 billion ($2.4 billion). The joint venture will own the Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency TST paid at an average of $1.35 million per room — a record for the Asia-Pacific region. ADIA had recently lost out on a portfolio of London hotels including Claridge’s, The Connaught and The Berkeley to the Qatar Investment Authority. The Abu Dhabi fund also made headlines for its pending litigation with the Norwegian government over a possible reduction of the revenue stream of Gassled, Norway's undersea pipe network. The investors, which also include the Canada Pension Plan Investment Board, and Allianz Capital Partners acquired a 24.1 percent stake in Gassled from Norway’s Statoil for $3 billion in 2011...............................................Full Article: Source
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