International law firm Withers recently represented Hong Kong-listed Magnificent Hotel Investments Limited in two high profile transactions.
Magnificent Hotel Investments Limited is a Hong Kong-listed hotel operator and developer and is part of the Shun Ho Group which currently operates Best Western Hotel Causeway Bay, Ramada Hong Kong Harbour View, Ramada Hong Kong Grand, Best Western Plus Hotel Hong Kong, Best Western Plus Hotel Kowloon, Grand City Hotel and Magnificent International Hotel Shanghai and owns Royal Scot Hotel London.
Withers represented Shun Ho Construction (Holdings) Limited, a wholly-owned subsidiary of Magnificent Hotel Investments Limited, on the acquisition of Bay Bridge Lifestyle Retreat, a 435-room waterfront hotel in the western New Territories overlooking Tsing Ma Bridge, for approximately HK$1.42 billion. It has been touted as the largest hotel transaction by a local buyer in Hong Kong since December 2018.
Withers also simultaneously represented Magnificent Hotel Investments Limited in the sale of Grand City Hotel in Sai Ying Pun to a joint venture between US-headquartered global investor Angelo Gordon and Warburg Pincus-backed Hong Kong-based lifestyle-focused rental accommodation provider Weave Living, for approximately HK$900 million.
Withers’ Head of Greater China Commercial Mabel Lui led the deals with support from Howard Wong, Joey Lau, Helen Kwong, Quinncy Wu, Billy Yuen and Nicolas Lai.
Mabel Lui comments: “It has been a pleasure being able to advise on both transactions simultaneously, whilst resolving the various complexities along the way. Reaching a satisfactory outcome for our client is a testament to our robust corporate , real estate and hospitalities practice in Asia and the collaborative effort of our team.”
William Cheng, chairman of the Shun Ho Group comments: “We are delighted to proceed with such a historic transaction which highlights our confidence in Hong Kong’s tourism industry. The proficiency and experience of the Withers team has been key to the success of both transactions, with its deep bench strength and impressive service delivery.”