Century City, Paliburg, Regal Back Three-Year Extension of Airport Hotel Lease

MT Newswires Live12-16

Century City International (HKG:0355), Paliburg (HKG:0617), and Regal Hotels International (HKG:0078) said a unit of Regal REIT has entered into a binding letter of intent to extend the sub-lease of the Regal Airport Hotel by three years beyond its current expiry, according to a joint Hong Kong bourse filing on Tuesday.

Bauhinia Hotels, a wholly owned subsidiary of Regal REIT, agreed with Airport Authority Hong Kong to extend the lease from Dec. 31, 2028, to Dec. 30, 2031.

Under the extension, rent will be set at the higher of a fixed annual rent or a turnover-based rent.

The groups said the extension will allow Regal REIT to maintain a stable income stream, citing the property's direct connection to Hong Kong International Airport's Terminal 1.

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