Regal Hotels International (HKG:0078) said shareholders of its parent companies Paliburg Holdings (HKG:0617) and Century City International (HKG:0355) approved the sale of a property in London, according to a Hong Kong bourse filing Monday.

Shares of the hotel operator fell over 3% in morning trade Tuesday.

The company had previously agreed to sell the freehold building in London to MNX Properties for a total consideration of up to HK$218.6 million.

The nine-storey building, which is currently vacant, was being sold so Regal Hotels could focus on its core hotel and property businesses in Hong Kong, the company previously said.