Abu Dhabi: Adia’s Hong Kong hotels play

Abu Dhabi Investment Authority (Adia) is investing HK$18.5bn ($2.89bn), via a joint venture with Hong Kong-listed New World Development Company (NWD), in the biggest hotel deal registered in Asia in a decade. NWD has sold Adia stakes in three major Hong Kong hotels: the Grand Hyatt Hong Kong and Renaissance Harbour View in Wan Chai, and the Hyatt Regency in Tsim Sha Tsui; they will form part of the new 50:50 Adia/NWD joint venture.