| Abu Dhabi Investment Authority (Adia) is checking into some of Asia’s plushest guest suites after the sovereign wealth fund agreed to buy a 50 per cent stake in three leading Hong Kong hotels. Adia has signed a deal with a group led by New World Development, one of Hong Kong’s most powerful property companies, controlled by the billionaire Cheng Yu-tung, to buy into Grand Hyatt Hong Kong, Renaissance Harbour View and the Hyatt Regency Hong Kong.
As part of the HK$18.5 billion (Dh8.76bn) deal, Adia agreed to form a joint venture company with two New World subsidiaries which would look for further acquisitions in the tightly held Hong Kong hotels market. “The joint venture company will be an effective platform to create synergies and to pursue value-enhancing acquisitions in the hospitality sector in the future,” Wong Man-hoi, company secretary for New World, said in a statement to the Hong Kong bourse...............................................Full Article: Source
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