Wanda sells Chicago Vista Tower for $270 Million
August 03, 2020 - Chicago
Wanda Hotel Development, a unit of Chinese billionaire Wang Jianlin’s business empire, has agreed to sell its 90% stake in a Chicago property project for US$270 million to help cut debt, according to Bloomberg.
The subsidiary of Dalian Wanda Group Co.will sell its holdings in the hotel-and-residential development known as Vista Tower to its Illinois-based partner, Magellan Parcel C/D LLC, Wanda told the Hong Kong stock exchange Thursday. Magellan owns the remaining 10% of the project.
Wanda Group, which once aspired to rival Walt Disney Co. in entertainment, has been offloading assets after a debt-fueled shopping binge between 2012 and 2016 when the group snapped up European football clubs, properties in Beverly Hills and Hollywood studios.
The group’s businesses such as cinemas and theme parks have been particularly challenged by the coronavirus pandemic.