HONG KONG Feb 5 Hong Kong property and
investment company Great Eagle Holdings Ltd has
mandated HSBC Plc and Deutsche Bank AG to
lead a proposed $800 million initial public offering for its
full-service hotel business, IFR reported on Tuesday, citing
sources with knowledge of the plans.
Other banks are expected to be added to the team handling
the IPO, which is slated to take place in the third quarter of
the year, added IFR, a Thomson Reuters publication.
Great Eagle said in a Jan. 24 securities filing it plans to
spin off its Hong Kong properties, which include the upscale
Langham, Langham Place and Eaton hotels, giving no details on
the proposed size of the deal.
The company expects to list the business through a share
stapled unit structure, similar to business trusts in Singapore,
and own at least 51 percent of the units after the offering.
(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto;
Editing by Daniel Magnowski)