Originally Posted by
MegatopLover
I took note of the post script at the bottom of the article: Peninsula is planning to open a hotel in Yangon. Very interesting.
Originally Posted by
Kagehitokiri
http://www.hshgroup.com/en/~/media/F...roject_EN.ashx
Yoma acquiring an 80% interest in the land development rights of the entire site which houses the Proposed Hotel Development and an application has been submitted to the relevant authorities for the issue of a new leasehold title which would include the land where the Proposed Hotel Development is situated.
Under the [heads of agreement], [The Hongkong and Shanghai Hotels, Limited] has agreed to subscribe for a 70% majority interest in the joint venture to be set up with Yoma and its other designated affiliate(s) to jointly re-develop the Building into a Peninsula hotel. The parties are still working on the financial commitment of each party in respect of the purchase of the land development rights of the Building and re-development costs prior to the signing of the binding agreements. The parties also agreed that a subsidiary of [The Hongkong and Shanghai Hotels, Limited] would enter into a management agreement to manage the Proposed Hotel Development.
still only in proposal stage - this update gives details >
http://www.hshgroup.com/en/~/media/F...ect_EN_TC.ashx
pleased to announce that it entered into a definitive shareholders’ agreement (the “Shareholders’ Agreement”) on 28 January 2014
subject to a number of conditions precedent (the “Conditions”), which must be fulfilled by 31 March 2015 or such other date the parties may agree otherwise. These Conditions must be fulfilled before the Proposed Hotel Development would proceed...transactions contemplated under the Shareholders’ Agreement may or may not proceed.
subject to a number of Conditions, including, but not limited to, the obtaining of government approvals to renew the master lease for the larger mixed-use development known as the “Landmark Development..., an unencumbered sub-lease for the Proposed Hotel Development site (the “Sub-Lease”) being executed..., the endorsement of the Sub-Lease by relevant government authorities, JVCo being granted the requisite government approvals..., the completion of the acquisition of an 80% interest in the Landmark Development by Yoma, and the execution of other documents relating to the Transactions and the suite of agreements related to the proposed Peninsula-branded residences within the Landmark Development...The long stop date for fulfilment of the Conditions is 31 March 2015, which may be extended by agreement of the parties.