Pleasure Bright Holdings acquires Hong Kong hotel

Pleasure Bright Holdings, part of Beijing-based China Cinda, a state-owned bank, has paid HK$4.3 billion ($550 million) for a four-star hotel in Hong Kong’s Tsim Sha Tsui area, according to several media sources.

The asset, known as Kimberley Hotel, stands 21 stories high and spans 243,301 square feet. The 546-room hotel is located close to the Tsim Sha Tsui metro station and a 15-minute walk from the waterfront Avenue of Stars.

The hotel’s former owner, Stephen Lau Hei-wing, died in 2017 at an interrogation center near the North Korean border during an interrogation in relation to an alleged business dispute, according to Mingtiandi.

Lau paid HK$1.9 billion ($242 million) for the hotel in 1995.