ITC Properties sells hotel in Hong Kong for $59m
ITC Properties has sold the 31,156-square-foot hotel, No. 7 Moreton Terrace, Causeway Bay, Hong Kong, for HK$460 million ($59.3 million).
The buyer is a private company, Bon Ten Investment Ltd.
The project is 31 stories high, with 94 guest rooms. It is currently leased to LPRH.
The COVID-19 pandemic continued to negatively impact real estate investment sentiment in Hong Kong in second quarter 2020, reported CBRE. Commercial real estate investment volume (deals worth more than HK$77 million/$9.94 million) rose by .3 percent quarter-over-quarter to HK$6.6 billion ($850 million). Foreign investors will remain largely silent owing to travel restrictions and uncertainty over market movements, ensuring seasoned local investors continue to dominate the market. Property funds will also remain cautious. Individual deal size is unlikely to exceed HK$1 billion ($130 mil