Shanghai Land Group Acquired Hyatt on the Bund, Shanghai for RMB4.5 Billion
Hong Kong-based Shimao Group Holdings Limited (“Shimao Group”) has sold Hyatt on the Bund in Shanghai to China-based Shanghai Land Group Co., Ltd. For RMB4.5 Billion (approximately USD707 million). The 620-key hotel is located in front of the Huangpu River and a 10-minute ride from the Lujiazui CBD area, with a panoramic Bund waterfront view to the south. The property spans over 109,905 square metres, features six food and beverage outlets, 3,466 square metres event space, a fitness and spa centre, an indoor swimming pool, and a business centre. This sale would help Shimao Group realize a gain of RMB3 billion.
