ParkCity unit to acquire Hong Kong hotels for some RM1.4 billion
The deal covers two hotels and the T-Bay dining and retail hub, with completion expected by the end of 2026.
Malaysia’s ParkCity Group is buying a hotel complex in Hong Kong from financially distressed Chinese developer Shimao for some RM1.4 billion. An exchange filing names ParkCity-owned Oceanfront Hong Kong Ltd as the buyer of Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton, together with their business.
The dual-branded hotel property was put into receivership amid Shimao’s defaults on multiple loans and bonds. Its tender opened in June and ended on Aug 31. In its Hong Kong Exchange filing, Shimao described strong competition among bidders and said the price resulted from negotiations at arm’s length.
Also included in the transaction is T-Bay, a Tung Chung community hub containing restaurants, bars and shops. The transaction is expected to conclude by the end of 2026. ParkCity Group develops the Desa ParkCity township.
The hotels’ websites list 218 rooms and suites at Sheraton Hong Kong Tung Chung Hotel and over 1,000 guest rooms at Four Points by Sheraton. Savills, the property firm engaged by Shimao to sell the assets, ranked their combined room inventory as the city’s third biggest.
