Regal Hotels International (00078) said it entered into a letter of intent with an independent third party in relation to possible cooperation on a project for the development of a retail and entertainment mall and a tower with a hotel and residential condominiums, with a gross floor area of about 420,000 square feet, in New York.
Regal shall, within 15 days after the date of the LOI, pay a deposit of US$1 million to an escrow agent.
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