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Hongkong and Shanghai Hotels Assumes Full Ownership of Peninsula Chicago

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The Hongkong and Shanghai Hotels' (HSH) wholly-owned subsidiary, HSH Chicago, Inc. has entered into a Membership Interest Purchase Agreement with Tower Summit LLC, whereby HSH purchased the remaining 7.5% of the ownership interest in Peninsula Chicago LLC, which it did not previously hold.

Prior to this transaction, HSH Chicago, Inc. owned 92.5% of the ownership interest in Peninsula Chicago LLC. Peninsula Chicago LLC owns The Peninsula Chicago.

Following the completion of the agreement in Chicago, HSH Chicago, Inc. now assumes full ownership control of The Peninsula Chicago. HSH has opted to pay for the US$11.7 million purchase price in full with surplus cash.

The 339-room Peninsula Chicago, opened in 2001, has a commanding location on Chicago's Magnificent Mile. The hotel has consistently been rated as one of the finest hotels in North America by consumer and travel trade media.

The hotel portfolio of HSH comprises The Peninsula Hong Kong, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula Tokyo, The Peninsula Bangkok, The Peninsula Beijing, The Peninsula Manila and The Peninsula Shanghai (opening in late 2009).

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