Great Eagle snaps up GBP100m hotel

Great Eagle Holdings has snapped up London's five-star Langham Hilton for GBP100 million (about HK$1.17 billion).

The investment holding company yesterday said that it had entered into an agreement with UK-listed Ladbroke Group to buy the freehold interest in the hotel through a wholly-owned subsidiary.

Together with Hong Kong Resort, Manhattan Garments and a large Singaporean institution, Great Eagle has bought the 380-room hotel in the heart of London's prestigious West End as a long-term investment.

Although the ownership stakes have yet to be finalised, each party would likely take an equal stake, Great Eagle said.

Great Eagle deputy chairman and managing director K.S. Lo said: 'The acquisition of the Langham Hilton is also an important step in the global expansion of the Great Eagle Group's hotel division.' Great Eagle has placed a GBP10 million deposit on the hotel and expects to pay the balance on August 24.

The company said it would fund the purchase with bank financing and internal resources.