HONG KONG's Lo family is reported to have spent US$100 million to buy the five-star Hotel Meridien in Boston.
According to the Boston Business Journal, the Lo family, which controls Hong Kong-listed Great Eagle Holdings, has, through its private investment unit Pacific Eagle Holdings, bought the hotel from General Electric Investments Corp and Beacon Cos. California-based Pacific Eagle, whose US portfolio comprises six Class A offices, was set up by the family in 1994 to buy United States real estate.
It is said that the acquisition of the 326-room Meridien is to take advantage of Boston's booming hotel market, where the value of lodging property is expected to rise 10 per cent a year.
A spokeswoman at Great Eagle said the purchase was 'private, it has nothing to do with Great Eagle' and was also unrelated to Regal.
Regal is controlled by Lo Yuk-sui who, through Century City International Holdings, controls Regal Hotels International Holdings.
Besides its property and trading operations, Great Eagle owns the Eaton Hotel and the Hong Kong Renaissance Hotel.
