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Great Eagle stakes Xintiandi twin tower
By Cao Qian |
April 8, 2010, Thursday
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Print Edition
Print Edition
GREAT Eagle Holdings Ltd, a Hong Kong property and hotel company, announced on Tuesday that it plans to pay about HK$569.7 million (US$73 million) for a one-third interest in one of the twin hotel towers in Shanghai's Xintiandi, which is owned by Shui On Group.
Completion of the acquisition is still subject to the fulfillment of various conditions, including the approval of independent shareholders, Great Eagle said in a filing to the Hong Kong stock exchange.
The 24-story luxury hotel, with 357 guest rooms, is still under construction but is set to be complete in about the third quarter of this year.
Langham Hotels (Shanghai) Co Ltd, a wholly owned subsidiary of Great Eagle, will have the exclusive right to manage and operate the hotel for 20 years from its opening, according to the announcement.
Great Eagle and Shui On Group are related. Lo Ka Shui, chairman and managing director of Great Eagle, and Vincent Lo, chairman of Shui On Group, are brothers.
Construction of the twin hotel towers in Xintiandi finally resumed around the beginning of 2010 after being suspended for nearly a year after Hong Kong-based Shui On Group, which originally held a 15 percent stake in the development, agreed to acquire the remaining 85 percent from Leo Investment, according to earlier media reports.
Completion of the acquisition is still subject to the fulfillment of various conditions, including the approval of independent shareholders, Great Eagle said in a filing to the Hong Kong stock exchange.
The 24-story luxury hotel, with 357 guest rooms, is still under construction but is set to be complete in about the third quarter of this year.
Langham Hotels (Shanghai) Co Ltd, a wholly owned subsidiary of Great Eagle, will have the exclusive right to manage and operate the hotel for 20 years from its opening, according to the announcement.
Great Eagle and Shui On Group are related. Lo Ka Shui, chairman and managing director of Great Eagle, and Vincent Lo, chairman of Shui On Group, are brothers.
Construction of the twin hotel towers in Xintiandi finally resumed around the beginning of 2010 after being suspended for nearly a year after Hong Kong-based Shui On Group, which originally held a 15 percent stake in the development, agreed to acquire the remaining 85 percent from Leo Investment, according to earlier media reports.
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