Lai Sun leads US hotel purchase
A CONSORTIUM of eight Hong Kong companies led by the Lai Sun Group has acquired a landmark hotel in Beverly Hills.
The consortium said yesterday an undisclosed amount was paid for the Regent Beverly Wilshire, which has 275 rooms and suites and was built in 1928.
Consortium members include Sunnet Investment Group, Shui On Group, Glorious Sun Group, the Hong Kong Parkview Group, Yin Cheong Group, Far East Consortium and Kailey Enterprises. Percentage shareholdings within the group were not revealed.
Ambrose Cheung Wing-sum, president of the syndicate and a Lai Sun director, said the acquired hotel was 'a unique property'.
'We are confident in the continued growth of the US economy and the resurgence of southern California as a market leader in business and tourism,' he said.
The hotel's operators, Four Seasons/Regent, will continue to manage it and the name will be unchanged.
Wolf Hengst, president of Regent International Hotels, said he was optimistic about the acquisition. 'Our management and staff are very excited about the alliance with this Hong Kong-based group,' he said.
The purchase was arranged through Polylinks International, the investors' Vancouver-based acquisition arm, with financing from the United Overseas Bank of Singapore.
Kailey Enterprises is the co-owner of Hong Kong's Ritz Carlton, which is 60 per cent-owned by Lai Sun.
Hong Kong Parkview is developing a low-density luxury residential development in Tai Po with Lai Sun.
