Wanda Hotel says to buy hotel assets from parent for US$112 million

wanda-hotelHONG KONG: Wanda Hotel Development Co Ltd said on Tuesday it would buy Wanda Hotel Management (Hong Kong) Co. Ltd from a unit of its controlling shareholder Dalian Wanda Commercial Properties Co. Ltd for HK$878 million (US$112.40 million).

Wanda Hotel Development had said last month that it planned to buy assets worth over US$1 billion from firms controlled by its billionaire founder Wang Jianlin, including the entire equity interest in theme park operator Wanda Culture Travel Innovation Group Co Ltd and hotel operator Wanda Hotel Management.

The Hong Kong-listed firm said it is still in talks with Wanda Culture and Dalian Wanda Commercial regarding the structure and terms of the acquisition.

Wanda Hotel Management operates 65 hotels in China, and has been contracted to manage and operate 13 more, which are under construction and which are owned by third parties, including two being built in Malaysia and Turkey, the company added.

Shares of Wanda Hotel were up 2.7% at HK$1.54.