Abu Dhabi Investment Authority (Adia) is checking into some of Asia’s plushest guest suites after the sovereign wealth fund agreed to buy a 50 per cent stake in three leading Hong Kong hotels.
Adia has signed a deal with a group led by New World Development, one of Hong Kong’s most powerful property companies, controlled by the billionaire Cheng Yu-tung, to buy into Grand Hyatt Hong Kong, Renaissance Harbour View and the Hyatt Regency Hong Kong.
As part of the HK$18.5 billion (Dh8.76bn) deal, Adia agreed to form a joint venture company with two New World subsidiaries which would look for further acquisitions in the tightly held Hong Kong hotels market.
http://www.thenational.ae/business/travel-tourism/adia-takes-50-per-cent-stake-in-trio-of-hong-kong-hotels
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