Unfinished hotels to get new ownership
By Winny Wang |
December 5, 2009, Saturday
|
Print Edition
Print Edition
HNA Group, parent of Hainan Airlines, plans to acquire an 85 percent stake in two uncompleted hotel towers in Shanghai's Xintiandi area from one of the towers' developers -- Leo Investment.
"The two sides have reached initial agreements on the deal, and they are expected to make substantial progress in the near future," an official of the group told Shanghai Daily yesterday.
He said that the deal will cost HNA more than 2 billion yuan (US$293 million), including interior decoration, much less than the former media reports of 4 billion yuan.
"It may take more than one year to put the hotel towers into operation," he said.
Construction on the hotel towers, which will be managed by the Jumeirah and Conrad hospitality companies, is almost finished, but the work has been suspended since early this year amid rumors that Leo Investment ran out of money.
Shui On Private Group owns the remaining 15 percent of the towers.
"In connection with Jumeirah HanTang Xintiandi, we remain fully committed to the project and continue to work closely with the owner/developer on a timeline for the opening," said Jumeirah Group in an email statement.
HNA Group, the country's fourth largest aviation group, aims to create a comprehensive group to deal in three key areas -- airlines, logistics and financial services.
It now owns 13 airlines, 11 airports, 51 hotels, five shipping firms, 13 finance companies and two business groups.
The group accelerated its development in Shanghai this year by purchasing two buildings in Pudong for a combined 3.2 billion yuan and setting up a business-jet company.
"The two sides have reached initial agreements on the deal, and they are expected to make substantial progress in the near future," an official of the group told Shanghai Daily yesterday.
He said that the deal will cost HNA more than 2 billion yuan (US$293 million), including interior decoration, much less than the former media reports of 4 billion yuan.
"It may take more than one year to put the hotel towers into operation," he said.
Construction on the hotel towers, which will be managed by the Jumeirah and Conrad hospitality companies, is almost finished, but the work has been suspended since early this year amid rumors that Leo Investment ran out of money.
Shui On Private Group owns the remaining 15 percent of the towers.
"In connection with Jumeirah HanTang Xintiandi, we remain fully committed to the project and continue to work closely with the owner/developer on a timeline for the opening," said Jumeirah Group in an email statement.
HNA Group, the country's fourth largest aviation group, aims to create a comprehensive group to deal in three key areas -- airlines, logistics and financial services.
It now owns 13 airlines, 11 airports, 51 hotels, five shipping firms, 13 finance companies and two business groups.
The group accelerated its development in Shanghai this year by purchasing two buildings in Pudong for a combined 3.2 billion yuan and setting up a business-jet company.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
