Park Hotel Group, owners of Hong Kong’s long-established Park Hotel(which is being progressively up-graded and recently rebranded as ‘PARK HOTEL TSIMSHATSUI HONG KONG’) - and developer of three recently acquired hotels in Singapore - has announced its first move into China.The Group has extended its aggressive expansion to Wuxi, one of China’s fastest developing cities in the Yangtze River Delta. The Group has entered into a conditional sale and purchase agreement with Singapore-Wuxi Investment Holdings Pte Ltd, a subsidiary of Singapore-owned SembCorp Industries Ltd, to acquire the 5-star SHERATON WUXI HOTEL & TOWERS for US$60 million. The deal is scheduled for completion on 31 March 2007.
Commanding a strategic location in the central business district of Wuxi, SHERATON WUXI HOTEL & TOWERS enjoys close proximity to major offices and retail developments as well as the Wuxi Railway and Bus stations. It houses 417 hotel rooms (including 33 suites and 67 serviced apartments) and has 10,398 square metres of lettable retail space in the adjoining Garden City Mall. It is the only international standard 5-star hotel in Wuxi and the only hotel in the city that offers club / executive style rooms and suites.
PARK HOTEL GROUP sees China as a region with tremendous potential and the Number One target for its expansion plans. The Group aims to own and operate 10 hotels in China by 2012.