Dalian Wanda Group has sold its Wanda Reign on the Bund hotel in Shanghai to Pacific Eagle Real Estate, the property investment and development arm of billionaire Sukanto Tanoto’s conglomerate RGE Group, reported Mingtiandi.
The sales price is estimated to between $204 million to $234 million.
The Wanda Reign on the Bund is a 193-room luxury hotel in Shanghai’s historic Bund waterfront district, famous for its Western-style art-deco buildings that were built in the late 19th and early 20th centuries.
Wanda Reign will be Pacific Eagle’s second hotel investment after the 304-room Mondrian Duxton Singapore, which opened last July, reported Forbes.
