Rich Goldman to acquire Harbour Bay Hotel in HK for HK$455 mln

Macau (MNA) – Junket operator Rich Goldman reached an agreement to acquire Ever Praise Enterprises Limited, a company responsible for boutique hotel Harbour Bay Hotel in Tsim Tsa Tsui, Hong Kong, a filing at the Hong Kong Stock Exchange indicated on Wednesday.

The hotel, located at Minden Avenue 1-3, has about 329 square meters, includes 79 hotel rooms, and was valued at some HK$650 million (US$8.40 million).

The agreement indicates that Top Metro Ventures Limited – a subsidiary of Rich Goldman – held a 30 per cent share at Ever Praise, and has reached a deal on February 26, 2019 to pay about HK$455 million to purchase the remaining shares held by two companies, Take Billion (50 per cent) and Million Wealth (30 per cent), and the respective loans owed to them by Ever Praise.

In total, Top Metro will pay HK$130 million to Take Billion and HK$325 million to Million Wealth.

Take Billion is 100 percent owned by Isabella Cheung Hei Nga, while Million Wealth is 100 per cent owned by Wang Chi Hung.

‘While the group continues to closely monitor the performance of the gaming business in Macau, the Group has been implementing a diversifying strategy in respect of its investments,’ Rich Goldman indicated.

The hotel – except its ground floor – had already been leased to Harbour Bay Hotels Limited – an indirect wholly-owned subsidiary of the Company – for a term of four years commencing from May 1, 2015, with an option to renew for a further term of three years commencing from May 1, 2019 for a HK$495,000 rent per calendar month.

After May 1, 2019 the rent will be increased to HK$544,500 per calendar month.

The hotel – except its ground floor – had already been leased to Harbour Bay Hotels Limited – an indirect wholly-owned subsidiary of the Company – for a term of four years commencing from May 1, 2015, with an option to renew for a further term of three years commencing from May 1, 2019 for a HK$495,000 rent per calendar month.

After May 1, 2019 the rent will be increased to HK$544,500 per calendar month.