Wanda Hotel Development Co., the Hong Kong-listed arm of Dalian Wanda Group, announced acquisitions of Wanda Culture Travel Innovation Group and Wanda Hotel Management Co. in a major restructuring.
In a filing posted on the Hong Kong Stock Exchange on August 9, Wanda Hotel Development said it will acquire Wanda Travel for RMB6.3 billion, paid either in cash, the issue of shares and/or convertible bonds, with share prices determined by the company’s closing price on Aug. 8 at HK$1.16per share. Wanda Hotel Development will acquire Wanda Hotel Management for a cash price of RMB750 million.
Wanda Travel is principally engaged in theme park design, construction and operation management, while Wanda Hotel Management is principally engaged in hotel design, construction and operation management.
Wanda Hotel Development will also dispose of its interests in four overseas property projects – in London, Chicago (Wanda Vista Hotel and Residences, pictured above), Sydney, and Australia’s Gold Coast – to Dalian Wanda Commercial. After the above transactions, Wanda Hotel Development will become a strategic platform as Wanda Group’s Hong Kong-listed company focusing on theme park and hotel operation and management.