Bidder Qingdao Haiyi to acquire HL Global’s 60% stake in Copthorne Hotel Qingdao

SINGAPORE (Sept 19): HL Global Enterprises is disposing its 60% stake in Copthorne Hotel Qingdao Co. to Qingdao Haiyi Jun Zhuo Culture Travel Property Investment Co. for $43.8 million after a successful tender.

Copthorne Hotel Qingdao Co's main asset is Copthorne Hotel Qingdao in Qingdao, China. The hotel consists of a tower block and a convention centre and is located in Qingdao's central business district and has 455 guest rooms and suites. Copthorne Hotel Qingdao Co. has a registered capital of RMB217.4 million ($45 million).

Copthorne Hotel Qingdao Co. is held by HL Global through LKN Investment International. The remaining 40% in Copthorne Hotel Qingdao is held by a company called CAAC. The public tender was held on the Shanghai United Assets and Equity Exchange (SUAEE).

---

Related Stories

• HL Global sees FY17 earnings soar to $86.2 mil on one-off gains
• HL Global posts 45.2% drop in 3Q earnings to $0.3 mil
• HL Global’s 3Q earnings triple to $0.5 mil

---