Hongkong & Shanghai Hotels Ltd. has agreed...

Hongkong & Shanghai Hotels Ltd. has agreed to acquire Hotel Maxim’s de Paris in New York for $127 million. The luxury hotel will be renamed the Peninsula, after the flagship of the group in Hong Kong, the longest established hotel company in Asia. The acquisition of the 23-story hotel is the first for the group in the United States. Other Peninsula Group hotels include the Peninsula and the Kowloon Hotel in Hong Kong, and in the United States, the Belvedere in Beverly Hills, which opens in 1990, and the Portman in San Francisco, owned by a Peninsula Group hotel affiliate.