New World buys stake in $467m Asian portfolio

Hong Kong–based New World Development has acquired a stake in an eight-property portfolio from retailer Chow Tai Fook Jewelry. Real Capital Analytics estimates the value of the portfolio to be $467 million.

The portfolio consists of seven hotels and a retail property. The properties are located in Beijing; Hong Kong; Makati, Philippines; and Ho Chi Minh City, Vietnam. The sales prices range from $45 million to $145 million.

The hotels are flagged under a mix of brands, including Hyatt, Renaissance Marriott, Rosewood Hotels & Resorts, and New World Hotels & Resorts. New World Development acquired an approximately 18 percent ownership in the hotels.

The highest priced asset was the 857-room Renaissance Harbour View Hotel Hong Kong. RCA values the hotel at $145.2 million, and New World Development acquired an 18 percent stake in the hotel for $26.1 million.

The other hotels include the 381-room Hyatt Regency Tsim Sha Tsui Hotel, th