Emperor International sells Inn Hotel Hong Kong at $1.1b

The proceeds will be used for the firm's business development.

Emperor International sold its Inn Hotel Hong Kong for $1.1b, an announcement revealed.

The 30-storey hotel in Kowloon has 199 guest rooms. With a gross floor area of about 48,600 sqft, the property’s balance sheet amounted to $421m.

“From this disposal, the group expects to record an unaudited gain of approximately $746m million and net proceeds of approximately $1.09b, which will be used as general working capital and for future business development,” the firm explained, noting that the completion for the deal is expected on or before 10 June 2019.

The firm also revealed that it has sold a 2-storey retail complex in Canton Road, Kowloon for $1.8b. With its aggregate saleable area of 2,776 sqft, the entire complex was progressively bought from 2007 to 2010 at a price of $1.16b.