Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) is pleased to announce it has been appointed as sole agent by the owner to sell Hotel Ease ‧ Mong Kok on 60 Portland Street, Mong Kok via an expression of interest (EOI) process. The EOI closing date is on Friday, 25 August 2023, 12:00 noon.

Hotel Ease ‧ Mong Kok is a 30-storey hotel with a site area of approximately 4,053 sq. ft. and a total gross floor area of about 48,595 sq. ft.. The ground and first floor house the hotel lobby and shops, while a total of 199 guest rooms occupy the fifth through the 32th floors. The rooms are stylish and comfortable, with those on the higher floors enjoying stunning views of the Victoria Harbour.

Thomas Chak, Co-Head of Capital Markets & Investment Services at Colliers | Hong Kong, said: “The property is just a minute’s walk away from Yau Ma Tei MTR Station and faces the cross-border bus terminus. The area benefits from strong connectivity by various modes of transportation to wider Hong Kong, Hong Kong International Airport and border control points including Lok Ma Chau, Huanggang and Shenzhen Bay. It is a 10-minute drive to the Hong Kong West Kowloon high-speed rail station, offering easy access to mainland China. Only a five-minute walk away from Langham Place shopping mall, the property is located in a core business area which is lined with commercial buildings, hotels and renowned restaurants.”

Hotel demand driven by the Top Talent Pass Scheme

With the full reopening of the border, there is a rise in the number of inbound travellers. With the overall hotel occupancy rates and RevPAR (revenue per available room) in May 2023 reaching close to pre-pandemic levels, the hotel sector offers a positive prospect alongside tourism recovery and talent acquisition schemes.

Recently, the government has rolled out various ambitious measures to attract new talent, including the Top Talent Pass scheme launched last year. Combined with an influx of overseas Hong Kong students and residents as international travel resumes, the demand for hotel accommodation is further driven, making contributions to the city’s overall economy.

“It is a rare opportunity to acquire an en-bloc hotel located in a core tourist area. Among the very limited number of hotels put on sale in 2023, one of the highlights include the Kimberley Hotel sold earlier this year for HK$3.4 billion. Based on the transaction value, each room is worth about HK$6.28 million, showing that hotels located in the four core business districts are highly sought after. This property is situated at a prime commercial location with a good occupancy rate. Investors should seize this opportunity to acquire this asset as tourism is still picking up, and to enjoy a stable rental income with appreciation potential when the global economy and tourism fully bounce back,” he added.