Mayer Brown, Freshfields on $938M Hong Kong Hotel Buy
A group of investors led by Gaw Capital Partners has made a bid for the 5-star InterContinental on the Kowloon waterfront.
July 12, 2015 at 10:48 PM
2 minute read
Mayer Brown JSM is leading a proposed $938 million acquisition of the InterContinental Hong Kong hotel by a consortium of investors including real estate private equity company Gaw Capital Partners.
The consortium, which also includes Hong Kong-listed real estate investor Pioneer Global Group, has offered to buy the 5-star property while and striking a 37-year management agreement with its current owner, London-based InterContinental Hotels Group Plc. The deal is expected to close later this year.
The 503-room InterContinental sits on the Kowloon peninsula, across Victoria Harbor from Hong Kong island, and has three Michelin-starred restaurants. In a release, Gaw Capital said a “significant additional capital improvement budget” would be used to refurbish the property.
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