In a Hong Kong stock exchange filing on Nov 28, the company confirmed it is mulling a “potential spinoff and separate listing of certain hospitality properties” on an overseas securities exchange. The assets are in Australia, Singapore, Malaysia and the UK, it said.
Far East Consortium has been snapping up assets this year, most recently buying OUE’s hotel and serviced apartment development in Singapore for $289 million in September.
Far East Consortium owned 28 operating hotels with about 7,500 rooms at the end of March, with a further 15 properties in the development pipeline, according to its full-year results announcement. Most of them are concentrated in Hong Kong, with the rest spread across mainland China, Malaysia, Singapore, Australia and Europe.
The company, led by CEO David Chiu, has a market value of HK$8.1 billion ($1.4 billion) in Hong Kong. It owns the hotels through its Dorsett Hospitality International unit, which it took private in 2015. — Bloomberg LP
