Far East Consortium sells UK hotel property for $221.576m

The property was sold to AMTD IDEA Group.

Far East Consortium International Limited sold its hotel property at Hornsey Town Hall, The Broadway, London to AMTD IDEA Group for £22m 6m ($221.576m)

According to FEC, the transaction aligns with its strategy of unlocking development profits from its hotel portfolio whilst divesting non-core assets. The company expects to record a gain of approximately £6.32m ($61.81m) from the hotel sale and £8.44m ($82.56m) from the town hall transaction. The proceeds will be used for the general working capital of the group.

The transaction is structured through share purchase agreements, under which FEC is selling its entire stake in the entities that own and operate the properties. Upon completion, the hotel and town hall assets will cease to be subsidiaries of FEC.