12/10/2012

CKH proposes to dispose of and separately list the extended stay hotels business operated by the company at the hotels by way of a listing of stapled securities on the main board of the stock exchange.

CKH and HWL will retain less than 30% interest in Horizon Hospitality investments, which will cease to be a subsidiary of the company.


Information on the Hotels
1) Horizon Suite Hotel is a 15-storey hotel which opened in 2002 and is located in Ma On Shan, Shatin,
the New Territories, Hong Kong. It has a GFA of approximately 595,900 sq. ft., with 831 suites and
42 parking spaces and had an Occupancy Rate of approximately 88.6% during the six months ended
30 June 2012. The Group and HWL have a 51% and 49% interest, respectively, in this hotel and the
government lease for the lot on which this hotel was built will expire in 2048.
2) Harbourfront Horizon All-Suite Hotel is located in Hung Hom Bay, Kowloon, Hong Kong and
opened in 2007. It has 1,662 suites in five towers with a GFA of approximately 1,202,600 sq. ft.
and 20 car parking spaces. It had an Occupancy Rate of approximately 91.0% during the six months
ended 30 June 2012. The Group has a 100% interest in this hotel and the government lease for the lot
on which this hotel was built will expire in 2051.
3) Harbourview Horizon All-Suite Hotel is located in Hung Hom Bay, Kowloon, Hong Kong and
opened in 2006. It has 1,980 suites in three towers with a GFA of approximately 1,264,500 sq. ft.
and 400 car parking spaces. It had an Occupancy Rate of approximately 92.3% during the six months
ended 30 June 2012. The Group has a 100% interest in this hotel and the government lease for the lot
on which this hotel will expire in 2051.
4) The Apex Horizon is a 36-storey hotel which opened in 2009 and is located in Kwai Chung, the
New Territories, Hong Kong. It has a GFA of approximately 257,100 sq. ft., with 360 suites and 3
car parking spaces. It had an Occupancy Rate of approximately 94.0% during the six months ended
30 June 2012. The Group has a 100% interest in this hotel and the government lease for the lot on
which this hotel was built will expire in 2052.


Distributions
Horizon Hospitality Investments intends to distribute during the term of the deed of trust all of the
distributions which it receives from Horizon Hospitality (Holdings), after deducting operating expenses.
It is currently intended that Horizon Hospitality (Holdings) will declare and distribute (i) 100% of the
Total Distributable Amount of the Horizon Group in respect of each financial year ending 31 December
2012, 2013 and 2014 and (ii) not less than 90% of the Total Distributable Amount in respect of each
financial year thereafter, to the Trustee-Manager to fund distributions to be made by Horizon Hospitality
Investments.

評論
誠哥又出售資產莫非又是見頂時? 今次是採用信托方式出售上市，派息比率頗豐厚，且看財務數據公布的估值才判斷。