25th November, 1996
For immediate release
Swire Properties Limited has today entered
into an agreement for the sale of 80.0% of its equity interest
in Queensway Hotel Limited ("Queensway"), which owns
the JW Marriott Hotel in Hong Kong at Pacific Place. The purchaser
is Chishore Enterprise Inc. ("Chishore") which is 65.0%
owned by Hotel Nikko Hong Kong Limited ("Nikko") and
35.0% by Recosia Pte Limited ("Recosia"). Recosia is
wholly owned by the Government of Singapore. Asean Resourses
Holdings Limited ("Asean") and CDL Hotels International
Limited ("CDL") own 95.45% of Nikko. An initial deposit
has been paid and the balance of the purchase consideration will
be paid on completion of the agreement, which will take place
within three months.
The JW Marriott Hotel Hong Kong is managed
by Marriott Hong Kong Limited to 5-star hotel standards on a long-term
contract. It has a gross floor area of 551,806 sq. ft., comprising
604 guest rooms, 4 restaurants, a ballroom, extensive lounge areas
and a full range of guest facilities.
Mr. Keith Kerr, Managing Director of Swire
Properties, said, "We look forward to working with CDL, Asean
and Recosia in partnership with Marriott and building on the undoubted
success which this hotel has already achieved. Swire Properties
intends to retain its 20.0% interest in Queensway as a long-term
invesetment in line with its 20.0% interest in each of the companies
owning the Conrad International and Island Shangri-La Hotels in
Pacific Place."
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