LONDON Sunday Business recently reported that the Langham Hilton here is about to be put on the market by its owners, Hong Kong-based Great Eagle Holdings, for a price of up to #250 million, or $359.3 million. Great Eagle acquired the hotel five years ago for #100 million, or $143.7 million.
The disposal of the hotel, according to the paper, is part of Great Eagle s plan to dispose of overseas hotel assets in order to fund development projects in its native Hong Kong. The decision to sell-off the 429-room hotel, according to the paper, represents an effort to cash in on asset values in capital, rather than its relationship with Hilton.
As well as the Langham, Great Eagle s other overseas hotel properties include the Chelsea Inn in Toronto, the Meridien in Boston and the Sheraton Tower Southgate in Melbourne, Australia. (3/27/01)
SOURCE:Sunday Business, London