Photo:Xinhua

Shimao Group, an international investment group, is looking for buyers for its hotel, Intercontinental Shanghai Wonderland, which is called one of the "10 architectural wonders of the world", Chinese financial media outlet Yicai reported on Sunday.

A number of agents recently announced the sale on Intercontinental Shanghai Wonderland in Moments on their Wechat accounts, saying that the hotel is sold for $2.25 billion yuan ($354 million).

One agent has confirmed the notice to Yicai.

Earlier, a source confirmed that a state-owned enterprise has had contact with Shimao, but there was no substantial progress in the transfer.

With a cooling housing market, consolidation of the real estate industry has accelerated. In January, Shimao Group has issued a list of assets for sale at a total value of 80 billion yuan.

Among them, Intercontinental Shanghai Wonderland, with an appraised value of 2.25 billion yuan, is located in a deep pit in Tianma Mountain in the southwestern suburbs of Shanghai, and became the world's first natural ecological hotel built in a rock pit on the wall of an abandoned quarry. The hotel has been named one of the "Top 10 Architectural Wonders of the World" by US National Geographic's "Megastructures".

The hotel, which opened in November 2018 after more than 10 years of construction, has 336 rooms with a total construction area of about 61,087 square meters. Consumers can enjoy stunning views of the craggy waterfall from the viewing terraces. Due to the unique view, the hotel has become a tourist destination in Shanghai, achieving approximately 32 million yuan in revenue in 2018.

According to Shimao Group's financial report, the hotel recorded business revenue of 279 million yuan in 2019, and banked approximately 265 million yuan in 2020 despite the epidemic. In the first half of 2021, the hotel saw revenue of 134 million yuan.

Currently, Shimao has four luxury hotels in Shanghai that are put on sale, including Hyatt on the Bund Hotel. Shimao Group has sold a number of assets in major cities such as Hong Kong, Shanghai and Guangzhou, realizing a total of over 9.4 billion yuan.

Global Times