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Ambassador Hotels and Restaurants (國賓飯店) has sold its Ambassador Hotel Hsinchu (新竹國賓大飯店) property to Transglobe Life Insurance Co (全球人壽) for NT$5.8 billion (US$204.51 million), a deal that would generate NT$137 million in net profit, the local hospitality provider said on Thursday. The transactions came 10 days after the Taipei-based group’s board authorized its chairman to sell the property to revitalize its assets and with an agreement to lease the property from Transglobe Life for 20 years. The revitalization move is in line with an asset-light model that is gaining popularity with Taiwanese hotels, because it emphasizes management and franchise contracts, allowing brands

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