Far East Consortium closes largest hotel deal in London
The Group is estimated to gain £50m in profit.
The Far East Consortium (FEC) has completed the sale of the Dorsett City London Hotel in United Kingdom with a total consideration of £115m, or approximately US$158.86m.
The Group estimated it will realize a profit of £50m, or US$69m, from the transaction.
“We are actively exploring various ways of working with our strategic partners to further broaden our hotel portfolio via greenfield, renovation, and conversion opportunities globally,” Winnie Chiu, JP, FEC's executive director and Dorsett Hospitality International Limited's president and executive director, said.
“The sale demonstrates our ability to build valuable brands and we will continue to develop our asset-light Dorsett hotel management platform in selected regions,” she added.
DHI Hotel Management UK Ltd, a wholly-owned subsidiary of the Group, has entered into an agreement with Dorsett City London Limited, under which DHI Hotel will provide hotel management services in the Hotel.
The Dorsett City London Hotel is located at 9-13e Aldgate High Street in London.
At present, FEC operates 31 hotels with around 8,100 rooms, located in Hong Kong, Mainland China, the UK, Australia, Singapore, and Malaysia amongst others.
It also has 13 hotels in the development pipeline, including Dao by Dorsett West London. Once all 13 hotels are completed, the Group’s total room will rise to 11,350.