Novotel Sale Largest Asian Hotel Transaction Since GFC
Jones Lang LaSalle Hotels Singapore have announced the sale of the Novotel Nathan Road Kowloon Hong Kong, on behalf of its owner LaSalle Asia Opportunity Fund II, to Hong Kong based Gaw Capital Partners and CSI Properties.
The hotel transaction was for a total of HKD 2.368b (USD 305m), representing the largest single hotel sale in Hong Kong in over 10 years and in the wider Asian region since the Global Economic Downturn.
Since undergoing a complete refurbishment and rebranding in 2008, 389 room experiencing occupancies in excess of 95% and became one of the most popular hotels in Hong Kong.
LaSalle Investment Management are well known in Phuket as the entity behind the redevelopment of the Karon Villa into the Crowne Plaza and ultimately sold to become the Moevenpick Resort and Spa.