LONDON— The Bauer Partnership Inc., a Nevada Corporation, has signed a letter of intent with Beijing Hehua Real Estate Development Co. Ltd. of China to acquire 50% of the Beijing Marriott Center Project. The Marriott project consists of two towers comprising a 450-room five-star hotel, a 19-story tower comprised of 180 serviced apartments and an office tower. The project, currently in its final stages of construction, is valued as of Sept. 30, 2001, by DTZ Debenham Tie Leung of Hong Kong at approximately US $125,000,000, and upon completion, DTZ Debenham estimates that the project will be valued at approximately US $280,000,000. Expected completion is set for June 2003. The Bauer Partnership has entered into a letter of intent to acquire a 50% interest in the project for an equity investment of US $30,000,000. It will offer, through a syndicated real estate financing transaction, the opportunity for investors to participate in this exciting new venture. The transaction is expected to close within 30 days. The Beijing Marriott Center will be one of Marriott Internationals flagship properties in Beijing prior to the 2008 Olympics. The project is in a prime location along Jianguomen Nanda Jie, one of Beijings main thoroughfares. The hotel and apartments will face a scenic garden, enhancing the attractiveness of the property.
Previous ArticleStarwood Hotels Adds Software To Improve Marketing Effectiveness
Next Article UK Tourist Numbers Plunge 30% In October