CapitaLand Investment plans to convert the Ibis Hong Kong Central and Sheung Wan Hotel into student housing after acquiring the property for HK$2.3 billion ($293.2 million), according to Mingtiandi, citing market sources.
The 34-story property, located at 28 Des Voeux Road West in Sheung Wan, is expected to operate under Adoor, an Ascott brand focused on long-stay apartments for urban professionals and students, according to the report.
Mingtiandi reported the hotel is being acquired from Butterfly Hospitality Group and is expected to serve as a seed asset for CapitaLand’s expansion of its Ascott living-sector platform in Hong Kong.
