Realizing profit of £50 Million
Left: Dorsett City London. Centre & Right: The first Dorsett beach-style resort, Dorsett Gold Coast, expected to open in Q4 2021.
Far East Consortium International Limited (FEC) is delighted to announce it has officially completed the sale of the Dorsett City London Hotel in Aldgate High Street at an aggregate consideration of £115 million. The transaction was first announced on 15th June 2021 and has resulted in a sizable disposal gain of approximately £50 million.
DHI Hotel Management UK Ltd, a wholly-owned subsidiary of FEC, has entered into a hotel management agreement with Dorsett City London Limited, to provide hotel management services in relation to the management and operation of the London hotel.
Ms. Winnie Chiu, JP, Executive Director of FEC, President and Executive Director of Dorsett Hospitality International Limited said: “We are pleased to have completed the sale in a short period of time. We are confident about the recovery of the hotel business in the foreseeable future and remain committed to recycling capital to further expand our footprint worldwide as well as becoming a leader for sustainable travel. We are actively exploring various ways of working with our strategic partners to further broaden our hotel portfolio via greenfield, renovation and conversion opportunities globally. The sale demonstrates our ability to build valuable brands and we will continue to develop our asset-light Dorsett hotel management platform in selected regions.”
Dorsett Hospitality International Limited is also pleased to announce the upcoming launch of a brand new Aparthotel concept, Dao by Dorsett, in London as well as Dorsett‘s first beach-style resort, Dorsett Gold Coast, in Australia. Both properties are due to open towards the end of 2021.
FEC operates 31 hotels with a total of approximately 8,100 rooms, located in Hong Kong, Mainland China, the United Kingdom, Australia, Singapore, Malaysia, Germany, Austria, and Czech Republic. FEC has 13 hotels in the development pipeline, including a new branded hotel Dao by Dorsett West London, the Ritz-Carlton hotel in Melbourne and Dorsett Gold Coast in Australia as of 31 March 2021. Once all the hotels in its pipeline become operational, FEC will own 44 hotels, operating a total of approximately 11,350 rooms.
About Far East Consortium International Limited
Far East Consortium International Limited has been listed on The Stock Exchange of Hong Kong Limited since 1972. The Group is mainly engaged in property development and investment, hotel operations and management, car park operations and facilities management, securities and financial product investment and gaming operations. The Group adopts the diversified regional strategy and the “Asian Wallet” strategy with business covering Hong Kong, Mainland China, Australia, New Zealand, Malaysia, Singapore, the United Kingdom, and other European countries.