Henderson Investment will be required to make a general offer for Miramar Hotel & Investment after yesterday increasing its stake in the latter from 34.78 per cent to 35 per cent. Miramar shares were suspended from trading yesterday afternoon, after trading at HK$5.25, up 7.14 per cent for the day. Shares in the general offer will be at that price. Henderson Investment vice-chairman Colin Lam Ko-yin said the firm had spent about HK$5.5 million acquiring 1.34 million Miramar shares between June 1 and yesterday. The shares were purchased at between HK$3.75 and HK$5.25 each, he said. Mr Lam said Henderson Investment had no plan to privatise Miramar Hotel, saying the company would continue to increase its stake in the hotel operator in the open market. He said the increased stake in Miramar Hotel was mainly a result of the shares trading at about a 57 per cent discount to the firm's net asset value of HK$12.30 each. The purchase also demonstrated Henderson Investment's bullish outlook on the hotel sector, he said. Miramar Hotel last week announced a net profit of HK$162.2 million, up 6.7 per cent for the year to March 31. Mr Lam said Miramar Hotel recorded an 87 per cent occupancy rate at its hotels while its office and commercial properties were 95 per cent occupied. He expected Miramar Hotel's cashflow would be improved considerably through the sale of two tracts of land in the United States.