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Kosmopolito Sells Boutique Hotel in Hong Kong

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Kosmopolito Hotels International (KHI) has entered into a sale and purchase agreement with an independent third party on 1 December 2010 to sell the total interests of Excel Chinese International Limited for a total consideration of HK$290 million (approximately HK$5.3 million per room) less existing bank loan.

ECILs principal business involves the holding and development of a boutique hotel, The Mercer by Kosmopolito at the junction of Mercer Street and Jervois Street, Sheung Wan. KHI is expected to record a gain from the sale of approximately HK$90 million after the completion of the sale and purchase agreement.

 The sale would provide a good opportunity for the group to realize the profits made and value created as a result of the increase in the price of the property and the undertaking of the hotel project. The agreement would release the group from the obligation of the existing bank loan and provide additional cash flows to the group to enable it to adjust its resources to other investment opportunities, said Mr. Bill Mok, President of KHI. The purchaser has also appointed KHI to manage the hotel under the Boutique Series by Kosmopolito. This makes The Mercer by Kosmopolito the 6th boutique hotel under the series within the group.

The Mercer by Kosmopolito, just steps away from the heart of Central, will offer 55 studios and bedrooms, a gymnasium and a swimming pool. The hotel is scheduled to open in the first quarter of 2011.

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