SINGAPORE (Feb 18): Hotel Properties Limited’s (HPL) new United Kingdom-based joint venture company, HPL Dolomites (UK), is acquiring 90% of the corporate capital and voting rights of Alpina Dolomites SRL for 40.6 million euro ($61.1 million).

Alpina Dolomites owns the 5-star luxury hotel, Alpina Dolomites Hotel, Gardena Health Lodge & Spa in Italy.

Following the acquisition, the remaining 10% of the corporate capital and voting rights of Alpina Dolomites will be retained by its current owners.

HPL Dolomites is 80% owned by HPL Europe and 20% owned by Como Holdings (Europe).

HPL Europe is a wholly-owned subsidiary of HPL Properties (West), which is in turn a wholly-owned subsidiary of HPL.

Meanwhile, Ong Beng Seng, HPL’s managing director and deemed substantial shareholder, is the beneficial owner of Como.

HPL says the purchase consideration was negotiated at arm’s length on a willing buyer willing seller basis, taking into consideration the trading performance of the business and hotel activities.

The acquisition will be funded via internal resources and bank borrowings.

Shares in HPL closed 19 cents higher, or up 5.3%, at $3.75 on Tuesday, before the announcement.