04.05.2015 - Abu Dhabi to buy stake in HK hotels in $2.4bn deal
Abu Dhabi Investment Authority (Adia) has agreed to buy a 50 per cent stake in three Hong Kong hotels from a group led by New World Development in a HK$18.5 billion ($2.4 billion) deal, the sovereign wealth fund's biggest Asian property investment. Under the deal, New World will sell its interests in three Hong Kong hotels - Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency Hong Kong hotel - to a joint venture to be formed by New World and Adia, the Hong Kong company said in a statement on Thursday. New World, which has long planned an IPO of its hotel properties, has instead teamed up with Adia to form a 50-50 joint venture to pursue acquisitions in the hospitality industry, said the Hong Kong company, founded by Hong Kong tycoon Cheng Yu-tung...............................................Full Article: Source
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