Freshfields Bruckhaus Deringer has advised InterContinental Hotels Group (InterContinental) on the sale of its flagship hotel in Hong Kong.

The iconic waterfront hotel located in Tsim Sha Tsui will be sold to a consortium of investors advised and managed by Gaw Capital Partners for US$938m, making it the largest single hotel transaction to take place in Asia.

InterContinental will be retained as manager of the hotel under a long-term contract.

The transaction is expected to close in the second half of 2015.

The Freshfields team advising on the transaction was led by Asia Managing Partner Robert Ashworth, counsel Amy Beckingham and consultant Jasmine Ng.