Asian Hotelier Strikes $202M Lease Deal For UK Hotel

Law360, New York (July 19, 2013, 2:06 PM EDT) -- The Hongkong and Shanghai Hotels Ltd. struck a £132.5 million ($202.2 million) deal Friday to pick up half the leasehold interest of a Buckingham Palace-area site that it plans to co-develop with a Grosvenor Group Ltd. unit into the Asian company's first U.K. hotel.

HSH is paying real estate investment trust Derwent London PLC to take over its 50 percent leasehold interest in the site, and plans to form a joint venture with Grosvenor Britain and Ireland for an undisclosed price, according to a statement. HSH...
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