Annual Report 2015
EXECUTIVE VICE-CHAIRMAN’S REPORT
27
increase in value. In line with the
Group’s long-term strategies, the
transaction has realised effective
allocation of resources.
Du r i ng t he yea r unde r r ev i ew,
two new hotels under the Group
commenced operations in Mainland
China. The ultra-luxury Rosewood
Beijing, located in the core city area
of Chaoyang District, Beijing, had its
soft-opening on 23 October 2014.
Being the first project under the
Rosewood Hotels & Resorts brand in
Mainland China, Rosewood Beijing
targets the high-end segment of the
market. In addition, Guiyang New
World hotel, located in the provincial
capital of Guizhou, had its soft-
opening on 25 September 2014.
As at 30 June 2015, the Group had a
total of 18 hotel properties providing
over 8,000 guest rooms in Hong
Kong, Mainland China and Southeast
Asia.
On 29 April 2015, the Group and its
subsidiaries, of which the interests
are owned 64% by the Group and
36% by CTF respectively, entered
into transaction agreements with
HIP Company Limited, a wholly
owned subsidiary of the Abu Dhabi
Investment Authority, with a view
to establish a new joint venture
company to jointly own the Grand
Hyatt Hong Kong, the Renaissance
Harbour View and the Hyatt Regency
Hong Kong, Tsim Sha Tsui. The total
consideration for the sale and transfer
of the hotels is HK$18.5 billion, out
of which around HK$10 billion has
been received by the Group after
closing adjustments. The transaction
was completed during the year under
review and favourable effect to the
shareholders of the Group is two-
folded. On the one hand, The Group
will continue to hold interests in
quality hotel assets on a long-term
basis. At the same time, some of
its capital may be reserved for other
investments which will potentially
Hyatt Regency Hong Kong, Tsim Sha
Tsui, centrally located in Tsim Sha
Tsui at the junction where MTR Tsuen
Wan line at Tsim Sha Tsui Station
intersects with MTR West Rail
line at East Tsim Sha Tsui Station,
achieved an average occupancy rate
of 89% and an average room rate of
HK$2,099 per night during the year
under review. Hyatt Regency Hong
Kong, Sha Tin, which is adjacent to
University Station on MTR East Rail
line, reached an average occupancy
rate of 83% and average room rate of
HK$1,332 per night during the year
under review. pentahotel Hong Kong,
Kowloon, which is located near the
Kai Tak Cruise Terminal in Kowloon
East, targets young fashionable
gurus and travellers looking for novel
experience. It attained an average
occupancy rate of 78% and reported
satisfactory performance in its
average room rate during the year
under review.
