12/31/2022 0 Comments Tai hotel giant 3![]() ![]() Wang purchased the property through local private entity Bon Ren Ltd, with the transaction expected to close in December of this year. Those peculiar floorplates might explain the seller agreeing to reduce the price from its original target value of HK$700 million, according to local news reports. At the stated compensation, Wang is paying the equivalent of just less than HK$4.9 million per key for Le Petit Rosewood.Īfter paying off a loan associated with the property which stood at HK$143.7 million on 31 July, ITC said it expects to generate a net cash return of approximately HK$154.3 million on the disposal.Ī 31 March 2020 financial filing by ITC had listed a book value for the property of HK$342.7 million, however, the sale announcement noted a report by independent valuer Asset Appraisal Ltd, which valued the hotel at HK$460 million.Ī senior broker familiar with the property said that Le Petit Rosewood, which occupies a 2,077 square foot site, is challenged by small rooms which are often laid out in an unusual fashion. That investment in the 94-key property gives him rights to a hotel which posted HK$9.8 million in losses in the year ending 31 March, 2020, according to ITC’s exchange filing. There are some steps to the walls, but most are still too high for an 8 year old.ITC chairman Edwin Chueng expect to clear around HK$154 mil on the sale We loved our morning here, the child in our group had a wonderful time, but be warned, children will want to ride on someone's shoulders so they can see over the walls.
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