A group of investors advised by Gaw Capital Partners is to pay $938m (€840m) for a Hong Kong hotel.
InterContinental Hotels Group said it agreed to sell its ownership of the InterContinental Hong Kong to Supreme Key, a consortium advised and managed by Gaw Capital.
The deal is due to complete later this year.
Supreme Key, which has paid a $94m cash deposit, will invest in the 18-month refurbishment of the hotel, with work due to begin in 2017.
InterContinental has a 37-year management contract on the hotel, with three 10-year extension rights, giving an expected contract length of 67 years.
The operator said the hotel, which generated $42m in earnings last year, was last valued at $298m.
