KOSMOPOLITO Hotels International (KHI) has completed the sale of Central Park Hotel in Hong Kong for a sum of HK$515 million (US$66 million).
The sale realises a gain of approximately HK$370 million for KHI, which has been appointed by the new owners to manage the property.
“The disposal completion and the managerial appointment continue to demonstrate our group’s ability to execute consistently on our stated strategy,” said Winnie Chiu, KHI’s president & executive director.
“We will use the proceeds to reduce the group’s bank borrowing position and to further invest in other value-accretive hotel opportunities.”
The 142-room Central Park Hotel was converted from an office building and opened in April 2005.