Malaysia property developer TA Global Berhad has bought over the stakes for the Swissôtel Kunshan in China from Kingdom Hotel Investments.
The deal for the 387-room hotel was reported to be worth US$60.75 million, or US$157,000 per key. TA Global has stated that the acquisition for the hotel, which was originally built at a cost of US$59.3 million, will be funded from internally generated funds and external borrowings.
KHI has commented that the deal, which has released a significant amount of capital, is part of the group's capital allocation strategy.
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