New World plans to hive off hotels
(03-08 14:53)
Billionaire Cheng Yu-tung’s New World Development Co (0017), which also operates the Grand Hyatt Hong Kong in Wan Chai, said today the company is considering separately listing some hospitality assets. It did not indicate a schedule for the proposed spin-off plan.
NWD operates 15 hotels in Hong Kong, China, and Southeast Asia offering 6,976 rooms. Its Hong Kong hotels include the Grand Hyatt Hong Kong, Hyatt Regency Hong Kong, Tsim Sha Tsui, Hyatt Regency Hong Kong in Sha Tin, and Renaissance Harbour View
Hotel Hong Kong.
At Grand Hyatt, revenues grew 9 percent from January to June 2012, the company said this week.
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