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Jones Lang LaSalle Hotels advised on the deal.
HONG KONG (3 April 2012) – LaSalle Investment Management (“LaSalle”) today announced, on behalf of LaSalle Asia Opportunity Fund II, that it has agreed to sell its 100% shareholding interest relating to Novotel Nathan Road Kowloon Hong Kong for an agreed property value of HKD 2.368 billion. The interest will be sold to funds managed by Gaw Capital Partners and CSI Properties.
Novotel Nathan Road Kowloon is a modern four-star hotel with 389 contemporary guest rooms, two restaurants plus fitness and leisure facilities. It is located on Nathan Road, the main thoroughfare of Kowloon, Hong Kong, also known as the golden mile, and is conveniently positioned in Kowloon's business, dining, shopping and entertainment areas.
The sale represents the largest single hotel transaction in Hong Kong recorded in the last 11 years.LaSalle Asia Opportunity Fund II acquired the Majestic Hotel in 2006 and then executed a complete refurbishment and rebranding of the property. Novotel Nathan Road Kowloon Hong Kong opened its doors to guests in April 2008.
Andrew Heithersay, International Director at LaSalle, commented, “The divestment of Novotel Nathan Road Kowloon Hong Kong demonstrates LaSalle’s ability to identify attractive market sectors and enhance returns through a targeted value-add strategy.”
He added, “The hotel has performed extremely well since its opening four years ago, experiencing occupancies in excess of 95%. It stands out as one of Hong Kong’s top choice hotels for business and leisure travellers.”
Mr Mike Batchelor of Jones Lang LaSalle Hotels and Mr. Joseph Tsang of Jones Lang LaSalle (NYSE:JLL) brokered the deal.
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