Mexan, a hotel operator and building materials supplier, has agreed to sell a Winland 800 Hotel in Hong Kong for HK$765 million (approx. US$98 million) to HKIA Accommodation, a subsidiary of Hong Kong International Airport, the operator Hong Kong Airport Authority.
The Winland 800 Hotel is an 800-room hotel located in Tsing Yi, between Central and the Hong Kong International Airport. The disposal constitutes a very substantial disposal for Mexan under Hong Kong Listing Rules which is subject to regulatory clearance and shareholder approval.
Concurrently with the hotel disposal, Mexan agreed to purchase the entire issued share capital of Grand View Properties Limited (Grand View) from Solar Trend Limited for HK$364.4 million (approx. US$47 million). Grand View owns and operates a shopping mall and 305 car parks located in or around a residential building of Grand View Garden in Hong Kong. The acquisition constituted a very substantial acquisition and connected transaction for Mexan under the Hong Kong Listing Rules which is subject to regulatory clearance and independent shareholder approval.
The S&C team advising Mexan was led by Kay Ian Ng and consisted of Tracy Li, Candice Lee and trainee solicitor Alicia So.