Emperor International sells three HK properties to Emperor Entertainment Hotel Ltd for HK$2.08 billion

Emperor International (163) has announced that it is selling to Emperor Entertainment Hotel Ltd three properties and loans due for about HK$2.08 billion. Upon completion of the transaction, Emperor International will pay a special dividend of HK$0.01 while Emperor Entertainment Hotel Ltd will pay a special dividend of $0.05.

According to a company statement, the properties involved in the deal include: the Emperor Hotel, a 29-storey hotel in Wan Chai, Hong Kong; Unit Serviced Apartments, a 21-storey building in Happy Valley, Hong Kong; and the MORI MORI Serviced Apartments, a 12-storey building in a junction of Wan Chai and Causeway Bay. The deal’s proceeds are about HK$2.08 billion, of which HK$36.8 million will be used for the payment of special dividends. The remaining proceeds will be used to expand Emperor International’s property development and hospitality operations beyond Macau.

Upon completion of the deal, Emperor International will focus on property investment and property development while Emperor E Hotel will remain its core focus on gaming hotels, with an extension of market presence in the regional hospitality sector, the statement added.