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ParkCity Group, the Malaysian developer behind Desa ParkCity in Kuala Lumpur, will pay about RM1.4 billion for the Sheraton and Four Points by Sheraton in Tung Chung. Deloitte, the global professional services firm, says the sale is well below valuation and leaves banks with losses.
ParkCity Group will buy two Hong Kong airport hotels for RM1.4 billion in a distressed sale expected by 2026.
Summarised automatically by AI from the original article by The Rakyat Post. AI can make mistakes, so check the original for details.
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ParkCity Group will buy the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton for about RM1.4 billion.
The buyer is Oceanfront Hong Kong Ltd, owned by investment vehicles tied to the developer behind Desa ParkCity, according to an exchange filing.
The hotels will be sold together with their business. The sale is expected to complete by the end of 2026.
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