Kosmopolito Hotels International (KHI) had entered into a sale and purchase agreement with an independent third party to sell Excel Chinese International’s (ECIL) interests for a total consideration of HK$290m ($37m).
ECIL’s principal business involves the holding and development of boutique hotel The Mercer by Kosmopolito, in Hong Kong, China.
KHI is expected to gain HK$90m ($11.5m) after the completion of the sale and purchase agreement.
The purchaser also appointed KHI to manage the hotel under the Boutique Series by Kosmopolito, making it the sixth boutique hotel within the group.
The Mercer will offer 55 rooms and features a gymnasium and swimming pool.
The hotel is scheduled to open in the first quarter of 2011.