Hong Kong entertainment firm Emperor International has sold a hotel property in Hong Kong’s Yau Ma Tei district for HK$1.1 billion ($140 million).
The new owner is Easywell Development.
The property is a 30-story hotel offering 199 guest rooms, with a gross floor area of approximately 48,600 square feet situated in Yau Ma Tei, Kowloon, Hong Kong. The ground floor and first floor are currently rented out to a café operator. It is being operated by the group in the name of “Inn Hotel Hong Kong.”
Visitor arrivals in Hong Kong rose to 30.61 million during the first half 2018, an increase of 10.1 percent year-over-year, according to CBRE. Citywide occupancy rose by 400 bps to 91 percent, supported by growth in visitor arrivals and the lack of new hotel supply, with just 1,000 rooms added to the market.
Room nights sold increased by 7.89 percent year-over-year, while room nights available increased by 3.71 percent year-over-year.
RevPAR performanc
