Creditors ramping up efforts to offload a dual-branded hotel complex in Hong Kong,as lenders feel heat to speed up asset sales. Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton,third-largest hotel by room count in city,are up for grabs through sole agent Savills. Formal tender for 1,219-room property closes August 31.
On Lantau Island,near Tung Chung MTR station and Hong Kong International Airport,complex taken over after mainland Chinese developer Shimao Group couldn't sell it. Asking price cut to around HK$4.5 billion (US$574 million) late 2024,down from at least HK$6 billion year before . “This is a genuinely rare offering – dual-branded with Marriott standards,all under one roof,” said Raymond Lee,CEO at Savills Greater China,during recent site visit.
Lee noted serious,big-money buyers previously expressed interest. Talks with several still going. AlixPartners,appointed as receivers,bring clarity to sale process . “With an asset of this calibre,I am expecting transition of ownership will be confirmed very soon,” he added.
Completed 2020,hotel complex boasts gross floor area of around 610,000 square feet,with development costs over HK$10,000 per square foot. Savills hasn’t set floor price for tender,showing flexible approach to potential buyers…
