Hotel investment deal between NWD and ADIA wins Deal of the Year Award
New World Development Company Limited (“New World Development” or “the Group”; Stock Code: 17.HK) is honoured with the Merger & Acquisition of the Year Award 2015 at the Deal of the Year Awards for striking a regional record hotel investment deal of US$1.35 million per key, with HIP Company Limited (“HIP”), a wholly-owned subsidiary of Abu Dhabi Investment Authority (“ADIA”).
The HK$18.5 billion agreement was orchestrated by Dr Adrian Cheng, Executive Vice-chairman and Joint General Manager of New World Development (“NWD”), earlier this year. Dr Adrian Cheng says,“We are pleased with the recognition. The transaction and the formation of a new joint venture company mark the beginning of a sound, long-term partnership which is in line with NWD’s strategy to effectively allocate resources within the Group for other future opportunities. We shall continue to retain long-term interest in these prime hotels and pursue other value-enhancing investments.”
Organised by Hotel Investment Conference Asia Pacific, the Deal of the Year Awards recognises outstanding hotel investments of the year. Earlier this year, the Group announced the establishment of a new joint-venture company (“JVC”) with HIP, a wholly-owned subsidiary of ADIA, to own Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency TST, each directly or indirectly holds 50% of the issued share capital of the JVC .
The first Board Meeting of the hotel investment deal with HIP, a wholly-owned subsidiary of ADIA, orchestrated by Dr Adrian Cheng (8th from right), Executive Vice-chairman and Joint General Manager of NWD, is held recently
New World Development Company Limited
Founded in 1970, New World Development Company Limited (“New World Group”, Stock Code: 17.HK) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A diversified holding company with a focus on property development, New World Group’s core business areas include property development, infrastructure and service, department stores and hotels. As at 30 June 2015, the total asset value of the Group amounted to HK$397.9 billion.
As at 30 June 2015, the Group has an effective interest of approximately 61.3% in NWS Holdings Limited (Stock Code: 659.HK), approximately 69.6% in New World China Land Limited (Stock Code: 917.HK) and approximately 72.3% in New World Department Store China Limited (Stock Code: 825.HK).