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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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