| CATEGORY: AIM BULLETIN SECTOR: GENERAL FINANCIAL |
Crescent gets rights for Chinese underwater hotel |
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Wed 26 Apr 2006
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LONDON (SHARECAST) - Crescent Hydropolis Resorts floated higher today after it reached agreement with the Chinese to allocate land and sea rights required for building the world's first underwater hotel and resort.
The group, which listed on Aim in June last year, bagged the deal with the People's Government of Laoshan District, Qingdao to build what will be known as Hydropolis Qingdao.
Agreement has also been reached on the technical specifications of the resort and Laoshan has confirmed within their established authorities that all necessary regulatory and licensing approvals will be put in place.
The proposed investment in Hydropolis Qingdao is expected to be approximately €400m from a mix of permanent construction loans and private equity from investors, said Crescent.
The HydroTower component is expected to be complete prior to the start of the 2008 Beijing summer Olympic Games, with the sea-based Hydropalace to be in operation in 2009.
Under terms of the Agreement, the HydroTower Landstation will be located on 33,000 sq meters of land that comprise the previous location of the Ocean Entertainment Park in Qingdao.
The purchase price of the land leasehold will be determined through an open auction tender process that will, when paid, give the company the right to use the land for 40 years, with the right of first refusal to extend the leasehold.
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