(Reuters) -Miramar Hotel and Investment’s shareholders rejected the HK$3.12 billion ($401.11 million) deal under which it was buying a property from Hong Kong’s Henderson Land Development for building a hotel and commercial complex.
Over 53% of stockholders voted against the proposed deal, while around 46% supported the transaction, an exchange filing by the hotel operator showed on Monday.
Henderson Land and Miramar, in January, unveiled plans to change ownership of the property, with the former scrapping plans for a new commercial tower.
Miramar intended to develop a hotel to ease pressure on its popular hotel, The Mira Hong Kong. The property’s sale, located at the heart of Hong Kong’s Tsim Sha Tsui district, was seen as a major sign of a post-pandemic recovery in the local tourism industry.
Henderson Land, which owns just over half of Miramar, said in the filing it would continue to demolish the existing building and redevelop the property into a new hotel. It added it will further explore opportunities regarding the new hotel with Miramar.
The property is a 1957 vintage building known as Champagne Court.
($1 = 7.7784 Hong Kong dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Shilpi Majumdar and Vijay Kishore)
