(5 June 2023, Hong Kong) JLL has been appointed as the sole agent for the sale of Hotel Ease Access．Lai Chi Kok, a brand-new hotel building at No. 42A Wing Hong Street, Cheung Sha Wan. It represents a rare investment opportunity to buy a brand-new hotel with the property estimated to be worth around HKD 410 million.
Formerly a 21-storey commercial building, the refurbishment of the hotel was completed in 2022. The project provides 119 guestrooms, three car parking spaces and one loading/unloading bay with a total approved gross floor area of approximately 38,619 sq ft. The well-designed hotel will be sold with its decoration and all furniture on an “as is” basis and ready for immediate operation without additional investment.
In addition, the major user restriction in the government lease of this project is “Non-offensive Trade”, which provides valuable commercial redevelopment potential in the long term.
The building is a seven-minute walk from Exit B1 of MTR Lai Chi Kok Station, a 10 to 15-minute drive to West Kowloon Station of the High Speed Rail and Yau Tsim Mong District, and about 30 minutes to the Hong Kong International Airport and Lok Ma Chau checkpoint. The hotel would be attractive to tourists as it is close to the core tourist areas of Yau Tsim Mong and West Kowloon, and other tourist attractions such as the M+ and Hong Kong Palace Museums are also within easy reach. Ariel Tam, Senior Director of Capital Market at JLL in Hong Kong, said: “This project is currently the only brand-new hotel available for sale in the market, which represents a rare investment opportunity. All of the guestrooms are fully furnished and well-designed, and it is ready for immediate operation without additional investment. In addition, the investment amount for this hotel is affordable to many investors, with many able to buy it with full payment or minimal financing, and as the investment amount is not significant it is suitable for all types of investors. Since the reopening of the border between mainland China and Hong Kong, the occupancy rate of hotels in the city has improved significantly, and the average room rate has gradually rebounded. As such, we expect this hotel will attract strong interest from investors and developers.”
