Hong Kong property

Henderson Land to sell Kwun Tong hotel for HK$2.3bn

PUBLISHED : Monday, 06 February, 2017, 10:40pm
UPDATED : Monday, 06 February, 2017, 10:40pm

Henderson Land Development has agreed to sell a hotel in Kwun Tong for HK$2.3 billion, according to sources with knowledge of the transaction.

Newton Place Hotel, which has 598 guest rooms, began business in July 2007 and is one of four Newton hotels owned by Henderson. The deal translates to about HK$3.8 million per room. Henderson was unavailable for comment.

The deal is in line with Henderson’s strategy to dispose of non core properties and cash in for new acquisitions.

In September last year, Henderson announced the sale of its Golden Centre office building in Sheung Wan to an undisclosed buyer for HK$4.4 billion.

Henderson Land Development’s share price closed at HK$42.80 on the Hong Kong Stock Exchange on Monday, similar to its closing price last Friday.