Hotel chain Miramar to build new Hong Kong property in $400 mln deal (updated)

Miramar Hotel And Investment Co

15/01/2025 16:25

(Rewrites paragraph 1, adds details on deal and hotels from
paragraph 2 onwards)
       Jan 15 (Reuters) - Miramar Hotel and Investment
 0071.HK  is buying a unit of Henderson Land Development
 0012.HK  in Hong Kong for HK$3.12 billion ($400.75 million) to
build a new hotel and commercial complex, the hotel chain said.
    The sale of Solution Right, located at the heart of Hong
Kong's Tsim Sha Tsui district, is a sign of a post-pandemic
recovery in the local tourism industry.
    Miramar will demolish the existing building and construct a
new multi-story hotel and commercial complex next to the popular
hotel, The Mira Hong Kong, the company said.
    Henderson Land has a 50.08% stake in Miramar, as of Dec. 31,
2023, according to LSEG data.
    Miramar expects the new hotel to attract "high-end patrons"
and charge higher prices for its rooms.
    The new complex is also expected to ease the supply pressure
on guestrooms at The Mira Hong Kong, the hotel chain said.
    Hong Kong's inbound tourism market, which had suffered
during the pandemic, rose 64% to 21.15 million visitors in the
first half of 2024 from a year ago, real estate services
provider Colliers reported in September.

 (Reporting by Sherin Sunny in Bengaluru; Editing by Shreya
Biswas)
 ((Sherin.Sunny@thomsonreuters.com;))