New World Development Co., the cash-strapped property developer, is in talks to sell its 50% stake in a portfolio of three Hong Kong hotels valued at a total of $2 billion, people familiar with the matter said.

The portfolio includes the Grand Hyatt, the Renaissance Harbour View Hotel, and the Hyatt Regency in Kowloon, the people said, asking not to be identified because the deliberations are confidential. Abu Dhabi Investment Authority owns the other half of the portfolio.