Paul Hastings Advising Ascendas in Acquisition of Rosedale Hotel Kowloon
February 14, 2012
(February 14, 2012) - Paul Hastings, a leading global law firm, announced today that it is advising the purchaser, Ascendas Hospitality Holdings Pte Ltd (Ascendas), Asia's leading provider of business space solutions, in the entering of a sale and purchase agreement with a wholly-owned subsidiary of listed hotel developer Rosedale Hotel Holdings Limited for the acquisition of the entire issued share capital of More Star Limited, a company indirectly holding Rosedale Hotel Kowloon. The purchase is for a consideration of approximately HK$1.3 billion. The parties also agreed on terms for another subsidiary of Rosedale Hotel Holdings Limited to lease back the hotel for a period of six years from the date of completion.
Of the purchase consideration, Ascendas will settle 95% thereof by way of payment in cash and the remaining 5% will be settled by way of issue of the Consideration Units. The Consideration Units represent the undivided interest in a stapled group comprising Ascendas Hospitality REIT and Ascendas Hospitality BT to be admitted for trading on the Main Board of the Singapore Exchange Securities Trading Limited.
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