LVGEM (China) Real Estate Investment (HKG:0095) unit LVGEM Hotel agreed to sell its entire interest in a hotel in California, the US, to Capital Insight for $20 million, a Monday filing with the Hong Kong bourse said.

The hotel, which has 258 guest rooms, has a carrying amount of $22.9 million as of Dec. 31, 2024.

The property developer will use proceeds from the disposal as general working capital and to repay a debt guaranteed by the seller.