Owners of Hong Kong’s Connaught hotel slash sale price by 40% amid property downturn
The owners of the 52-room, four-star hotel in Sai Ying Pun have lowered the asking price to HK$600 million from HK$1 billion previously
The worsening slump in Hong Kong’s property market is pushing owners to deepen the discounts of assets already on the market.
The owners of the 52-room, four-star hotel with a gross floor area of 41,705 sq ft have dropped the price to HK$600 million (US$77 million) from HK$1 billion previously, according to a statement from Colliers and Knight Frank, the joint agents for the sale.
The asset is just one of many that have been put for auction by landlords and investors in recent months. It is owned by a joint venture of Hong Kong-based Hanison Construction and New York-based private equity real estate specialist Angelo Gordon, sources said.