Gaw Capital buys Hong Kong hotel for $938m

Gaw Capital Partners, on behalf of Supreme Key Ltd., has purchased the InterContinental Hong Kong Hotel from InterContinental Hotels Group for $938 million.

Supreme Key is owned by Pioneer Global Group and separate account investors advised by Gaw Capital. The transaction is expected to close in the second half of 2015. It is Gaw Capital's first separate account investment in Asia.

The 503-room InterContinental Hong Kong is a flagship hotel located at a prime location in Hong Kong’s Kowloon waterfront. As part of this deal, a significant additional capital improvement budget has been committed for refurbishing the property.

InterContinental Hong Kong has a five-star rating from the Forbes Travel Guide. The hotel was first opened in 1980 as Regent Hong Kong and has been wholly owned by IHG and operated under the InterContinental brand since 2001.

Gaw Capital will retain IHG to continue managing the property, while using its existing