MIRAMAR HOTEL (00071) plans to invest approximately HK$3.12 billion to acquire a mixed-use building in Hong Kong currently named "Champagne Court" from Henderson Land Development (00012).

MIRAMAR HOTEL (00071) announced that on January 15, 2025, its wholly-owned subsidiary intends to acquire Solution Right Limited from the wholly-owned subsidiary of Henderson Land Development (00012) for a total consideration of HK$3.12 billion (subject to adjustment). The main asset of the target group is the target property, which includes a 10-story building with a rooftop floor located at 16 Kimberley Road, Kowloon, Hong Kong, completed in 1957 and currently named "Champagne Court". According to the sales agreement, the target property will not be transferred to the buyer upon completion. The seller is required to demolish the existing building on the target property and rebuild it to the standards of the Miramar Hotel in accordance with approved architectural plans and all applicable laws and regulations. The seller must ensure that the reconstruction is carried out at a reasonable speed and completed by the final transfer date or earlier. Apart from the buyer's obligation to pay the consideration, the group (including the target group after completion) is not required to make any other payments to the seller or any other companies within the Henderson group or to any contractors in relation to the reconstruction. The new hotel will be adjacent to The Mira Hong Kong, a hotel operated by the group. According to the approved architectural plans by the building authority before the date of this announcement, the new hotel will be a 23-story hotel with retail shops and located in a two-storey basement complex, with a total gross floor area of approximately 137,885 square feet, including 99 hotel rooms, shops, restaurants, banquet halls, about 21 private car parking spaces, and about 2 motorcycle parking spaces. The seller will deliver the management rights of the new hotel to the buyer in a vacant condition on or before the final transfer date or any other date agreed upon in writing by both parties. The seller will ensure that all necessary licenses, permits, and certificates required by the relevant authorities under applicable laws and regulations are obtained in the name of High Profit Investments (or any other person designated by the buyer) before the transfer and no later than the final transfer date, in order to operate the new hotel properly and effectively as a fully operational hotel in Hong Kong (including but not limited to hotel licenses, excluding any liquor licenses to be applied for by the group). Therefore, the new hotel will be suitable for hotel use at the time of transfer. As a result, the buyer will indirectly acquire the new hotel through this transaction.