Swire Properties to close The Opposite House in Beijing, group’s first hotel, as it eyes redevelopment to retail property
- The 99-room hotel, the group’s first, will close after 16 years to make way for an ‘innovative retail landmark’ in the Taikoo Li Sanlitun area
- From 2015 to 2023, the hotel segment contributed losses of between HK$41 million (US$5.2 million) and HK$524 million to the developer’s bottom line
Located in the upmarket Taikoo Li Sanlitun (TLS) area in the Chinese capital, the 99-room hotel, which is known for its emerald glass architecture designed by renowned Japanese architect Kengo Kuma, will cease operations on June 30.
“The latest plan represents Swire Properties’ long-term commitment to Sanlitun, with another major investment to enhance the retail infrastructure and experience at TLS,” the spokesman said. “We expect the plan to support the development of the Sanlitun business circle and contribute to Beijing’s transformation into an international consumption hub.”
Swire Properties, one of the largest commercial landlords in Hong Kong, reported revenue of HK$979 million (US$125 million) for its hotels segment in 2023. But the segment contributed HK$100 million in losses to the company’s shareholders, according to its annual report. Overall profit attributable to shareholders rose by a third to HK$11.6 billion last year.
From 2015 to 2023, the hotels segment contributed losses of between HK$41 million and HK$524 million to the developer’s bottom line.
