Shanghai Xinhaolong Property Development Co., a unit of GuocoLand has agreed to sell the 26-story Guoman Hotel on Daduhe Road near Changfeng Park in Shanghai, along with a set of parking spaces, to a subsidiary of Shanghai-based developer Dahua Group for RMB 1.44 billion ($204 million).
The buyer is Shanghai Zhengjiu Industrial Co.
The sale also includes a 256-space parking garage. As part of the deal, the China subsidiary may also sell up to another 44 underground parking spaces to the buyer.
The property developer is expected to record a net gain of $90.6 million with the transaction.
