Emperor sells Shengshi Hotel and earns 700 million
Emperor International (163) announced the sale of its Shengshi Hotel, 60 Portland Street, Yau Ma Tei. The new purchaser is a development of Yi Wei. It is expected that the transaction will be completed on or before June 10 next year and will bring about RMB 746 million in revenue for the Group. The proceeds will be used for general working capital and for future business development of the Group. According to market news, the gold master behind Yi Wei’s development is Wang Dengcheng or related people.
Shengshi Hotel is a 30-storey building with 199 rooms, with a building area of approximately 48,600 square feet and a price of approximately RMB 22,634. Each room has a value of RMB 3.768 million. Emperor Hotel Group still holds properties including Emperor Entertainment Hotel (Macau), Emperor Junjing Hotel (Hong Kong), Macau Shengshi Hotel, Mori Mori Serviced Apartments.
A hotel transaction in Mong Kok can be traced back to last May, when the “Thirty-six Hotel Hotel" in Mong Kok was sold for $480 million. The “Thirty-six Hotel" is a Samsung hotel with a 13-storey building and a total floor area of approximately 33,000 square feet. It provides 160 rooms, with an average value of RMB 3 million per room. The buyer is an investor named Yang.