Excelsior Hotel, Slipform sold
for Lm1.77 million
long-idle Excelsior Hotel, the doors of which have failed to open for
business despite successive bids by a line of investors, was sold this
week by the 100 per cent stakeholders, Hong Kongs Hopewell Holdings
- run by entrepreneur Gordon Wu.
The idyllically-located hotel and another Maltese Hopewelll holding
- Slipform Engineering (Malta) - have been sold off to former Hopewell
executive director Stewart Elliott.
The two assets have been let go for what can be considered a paltry
sum of USD4.25 million (approximately Lm1.77 million). However, Hopewell
is also expected to recoup the estimated Lm1.8 million in loans made
by a subsidiary to the hotel.
The move forms part of the infrastructure conglomerates strategic
move to unload non-core assets and has also sold a Philippine tollway
project worth Lm430,000 to Elliot, who retired in 1998.
As at the end of June, Hopewell had estimated net assets of the Excelsior,
hovering in a state of suspended construction for years, and Slipform
at just over Lm590,000. The asset disposal is part of an agreement between
the company and Elliott to settle four lawsuits connected to the two
projects since 1999.
"The firm will continue disposing of its non-core assets in an
effort to focus on Pearl River Delta region development," Wu said
yesterday in a statement.
Hopewell Holdings is one of the leading conglomerates in Hong Kong with
diverse business interests spreading across property investment and
development, highway infrastructure, hotels and hospitality, and construction
in Hong Kong and abroad.