Shimao says operations of two Tung Chung hotels seized remain uninterrupted

Shimao Group (0813) said the day-to-day operations of the hotels remain fully uninterrupted after receivers took over two hotels in Tung Chung. 

Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong Tung Chung were seized following a default in syndicated loan.

The board acknowledges the appointment and is fully supportive of an orderly and transparent process which provides transaction certainty and a viable path to a successful sale, Shimao said in a filing.

The management has remained fully cooperative with the receivers and believes that a professionally managed sales process is in the best interests of all stakeholders, it said.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓