HONG KONG, Sept. 10 /PRNewswire-Asia/ -- The Hongkong and Shanghai Hotels, Limited (HSH) today confirmed that its wholly-owned subsidiary, HSH Chicago, Inc. has entered into a Membership Interest Purchase Agreement with Tower Summit LLC, whereby HSH purchased the remaining 7.5% of the ownership interest in Peninsula Chicago LLC, which it did not previously hold. Prior to this transaction, HSH Chicago, Inc. owned 92.5% of the ownership interest in Peninsula Chicago LLC. Peninsula Chicago LLC owns The Peninsula Chicago.
Following the completion of the agreement in Chicago, HSH Chicago, Inc. now assumes full ownership control of The Peninsula Chicago. HSH has opted to pay for the US$11.7 million purchase price in full with surplus cash.
The 339-room Peninsula Chicago, opened in 2001, has a commanding location on Chicago's Magnificent Mile. The hotel has consistently been rated as one of the finest hotels in North America by consumer and travel trade media.
About The Hongkong and Shanghai Hotels, Limited (HSH)
Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), HSH is a holding company whose subsidiaries and its jointly controlled entity are engaged in the ownership and management of prestigious hotel, commercial and residential properties in key destinations in Asia and the USA. The hotel portfolio of the Group comprises The Peninsula Hong Kong, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula Tokyo, The Peninsula Bangkok, The Peninsula Beijing, The Peninsula Manila and The Peninsula Shanghai (opening in late 2009). The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower and The Peak Tramways, St. John's Building, The Landmark in Ho Chi Minh City, Vietnam and the Thai Country Club in Bangkok, Thailand.
For further information on this release, please contact:
Irene Lau
Manager, Corporate Affairs
The Hongkong and Shanghai Hotels, Limited
Tel: +852-2840-7788
Fax: +852-2840-7567
Email: irenelau@peninsula.com
Websites: http://www.hshgroup.com , http://www.peninsula.com
