A Strategic Move to Diversify Portfolio to Premium Hospitality Assets
HONG KONG, May 9, 2011 /PRNewswire-Asia/ -- Winsor Properties Holdings Limited (SEHK stock code: 1036) announced the acquisition of a 40% interest in Lanson Place Hotel, Hong Kong for a total consideration of HK$229 million. The acquisition will enhance the deployment of the Group's financial resources while at the same time expanding and diversifying its investment property portfolio to high-end hospitality assets. The acquisition will be subject to approval in a shareholders' meeting.
Wing Tai Properties Limited ("Wing Tai Properties"), parent company of Winsor Properties, already holds 60% of Lanson Place Hotel. Lanson Place Hospitality Management Limited ("LPHM"), a wholly owned subsidiary of Wing Tai Properties, will continue to be the manager of the property. LPHM operates premium serviced residences and boutique hotels in Asia.
The award-winning Lanson Place Hotel, with its distinctive design, is a peaceful sanctuary set amidst the hustle and bustle of busy Causeway Bay. The hotel offers both business and leisure travelers the unbeatable convenience of its central location and high standard of service. The 194-room hotel has consistently recorded good occupancy and room rates ever since its opening in late 2005 and is the first hotel in Hong Kong to become the "Small Luxury Hotels of the World".
"We are delighted to have secured this investment opportunity as we stand to benefit immediately from the stable earnings generated from this asset through the well-established hotel operation. The acquisition is in line with our investment strategy to enhance investment value and property yield in the long term. This marks the beginning of our effort to replenish and enhance the Group's investment portfolio. We will continue to expand our asset portfolio through income-accretive and high-end investments to spur future growth." said Mr John Chow, Managing Director of Winsor Properties.
