Receivers of the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton have agreed to sell the dual-branded complex, which together comprise the city’s third-largest hotel by room count, for HK$2.7 billion (US$344 million), Shimao Group announced on Thursday.
In a filing to the Hong Kong stock exchange, the distressed mainland Chinese developer said the buyer was Oceanfront Hong Kong Limited.
Oceanfront is owned by, among others, investment vehicles associated with ParkCity Group, a Malaysian property developer, which also has projects in Vietnam, receiver AlixPartners and Marriott, which operates the complex, said in a separate statement.
According to Companies Registry records, Oceanfront’s directors are Joseph Lau, who holds a Malaysian passport, and Keoy Soo Lik, who holds a Hong Kong ID card. It was incorporated on September 29. Lau is the CEO of ParkCity.