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MEDIA CENTRE
(Hong Kong, 22 December 2013) Emperor International Holdings Limited (“Emperor International”) (Stock code: 163) & Emperor Entertainment Hotel Limited (“Emperor E Hotel”) (Stock code: 296) jointly announced that Emperor E Hotel has agreed to acquire 100% of interests in Best Western Hotel Taipa (the “Hotel”) (the “Acquisition”), at the aggregate cash consideration of HK$900 million (the “Consideration”). Commenced in February 2005, the Hotel is a 17-storey 3-stars hotel and located at Estrada Governador Nobre De Carvalho Nos. 812-848 Taipa Macau. It has a total gross floor area of 208,703 sq.ft. with 262 guest rooms.
Its audited net asset value as at 31 December 2012 was approximately MOP102.3 million, with turnover and net profit after taxation of MOP70.0 million and MOP32.2 million respectively for the year ended 31 December 2012. The Consideration for the Acquisition has been determined in arm’s length negotiations and with reference to its current market valuation of the Hotel and the land upon which the Hotel is erected of HK$900 million and the face value of its shareholder loans. The Consideration will be financed by internal resources of Emperor E Hotel. Ms. Vanessa Fan, Managing Director of Emperor International and Executive Director of Emperor E Hotel, said, “With the support of the increasing number of visitors arrival to Macau, the Acquisition offers a good opportunity to capture the market potential. We believe that the Acquisition can broaden the asset and earnings base of both Emperor International and Emperor E Hotel. Meanwhile, the Acquisition will bring synergy with Grand Emperor Hotel, our existing gaming hotel situated in the Peninsula. Riding on the room capacity growth after the completion of the Acquisition, we look forward to identify new source of customer pool and broaden our customer base by extending the choices of accommodation. Leveraging the existing management efforts and financial resources of Grand Emperor Hotel, the entire value of hospitality business in Macau will be maximized in cost effective manner.”
The acquisition is expected to be completed in 2014.
