Hotel Properties (HPL) will be booking a gain of $29 million with the sale of its 80% stake in a joint venture.
Ong Beng Seng, HPL’s managing director, holds the other 20% of the joint venture.
The joint venture HPL Olympia, holds the 405-key Hilton London Olympia hotel in London.
The property is to be sold to an unrelated party for £40.8 million in cash and the transacted price was negotiated at arm’s length on a “willing buyer and willing seller” basis.
As indicated on HPL’s website, as at Dec 31 2020, the company has a portfolio of 38 hotels in 15 countries.
HPL is one of the three parties in the Cuscaden Peak consortium that has recently won the bid for Singapore Press Holdings.
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HPL shares closed April 8 at $3.57, up 0.28% for the day and up 7.21% year to date.
