International law firm Paul Hastings recently advised Singapore-headquartered business space provider Ascendas Hospitality Holdings Pte Ltd on its acquisition of the Hong Kong-based Rosedale Hotel Kowloon.
In a transaction worth HK $1.3 billion ($168 million), Ascendas entered into a sale and purchase agreement with More Star Ltd (More Star) and acquired its entire issued share capital. More Star, a wholly-owned subsidiary of Hong Kong-listed hotel developer Rosedale Hotel Holdings Ltd, indirectly holds the target hotel.
Ascendas will settle 95 percent of the purchase in cash, and the remaining 5 percentwill be settled by way of issue of the Consideration Units.
Acting for Ascendas is a Paul Hastings team led by Hong Kong-based partner Vivian Lam, while Hong Kong firm Vincent T.K. Cheung, Yap & Co represented the seller.
Rosedale Hotel Kowloon is a new four-star hotel currently under construction in the Mongkok district of Hong Kong, and is scheduled to open early next year. ALB
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