Shun Tak aims to part with stake in four-star Perth hotel

Shipping company Shun Tak Holdings plans to sell its 75 per cent stake in a profitable, four-star hotel in Australia for $90 million to chairman and major shareholder Stanley Ho Hung-sun. The company sold the stake in 249-room Rydges Hotel in Perth as Mr Ho already owns 25 per cent of the hotel. The stake was sold for $1 and the total consideration included two loans, $47.3 million and $42.8 million, owed to Shun Tak.