Wanda Hotel says to buy hotel assets from parent for $112 mln

Wanda Hotel Development

26/09/2017 14:23

HONG KONG, Sept 26 (Reuters) - Wanda Hotel Development Co 
Ltd  0169.HK  said on Tuesday it would buy Wanda Hotel 
Management (Hong Kong) Co. Ltd from a unit of its controlling 
shareholder Dalian Wanda Commercial Properties Co. Ltd for 
HK$878 million ($112.40 million). 
    Wanda Hotel Development had said last month that it planned 
to buy assets worth over $1 billion from firms controlled by its 
billionaire founder Wang Jianlin, including the entire equity 
interest in theme park operator Wanda Culture Travel Innovation 
Group Co Ltd and hotel operator Wanda Hotel Management. 
 urn:newsml:reuters.com:*:nL4N1KW19O 
    The Hong Kong-listed firm said it is still in talks with 
Wanda Culture and Dalian Wanda Commercial regarding the 
structure and terms of the acquisition. 
    Wanda Hotel Management operates 65 hotels in China, and has 
been contracted to manage and operate 13 more, which are under 
construction and which are owned by third parties, including two 
being built in Malaysia and Turkey, the company added. 
    Shares of Wanda Hotel were up 2.7 percent at HK$1.54.  
     
($1 = 7.8111 Hong Kong dollars) 
 
 (Reporting by Donny Kwok and Twinnie Siu; Editing by Louise 
Heavens) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: DALIAN WANDA WANDA HOTEL/