Great Eagle Holdings Ltd., Hong Kong, plans to list its three Hong Kong hotel properties in the third quarter in order to raise approximately US$800 million, The Wall Street Journal reported.
The hotels — the 495-room Langham Hong Kong in Causeway Bay, the 649-room Langham Place in Mongkok and the 461-room Eaton Smart in Jordan — will be listed in a stapled units structure, according to a statement from the company, and after the listing, Great Eagle will hold at least 51% in the stapled units.
The move is expected to provide Great Eagle with capital investments at a time when Hong Kong’s tourist arrivals are at a record high thanks to large numbers of visitors are arriving from Mainland China. The company also is encouraged by gains in the stock market and the strong performance of other recent IPOs.