Changzhou Marco Polo Hotel Sold for RMB402 Million – Around US$63m
Main Photo: The Marco Polo Changzhou
Date: March 2022
Name: Marco Polo Changzhou
Location: Xinbei High-Tech Development Zone, 3 km from the central business district in Changzhou, China
Number of Keys: 302
Seller: Hong Kong-based Cheer Sky Investment Limited, a wholly-owned subsidiary of Hong Kong-based Harbour Centre Development Limited, has sold the entire equity interest of China-based Wharf (Changzhou) Estates Company Limited
Buyer: China-based Changzhou Youzhong Catering Management Company
Hong Kong-based Cheer Sky Investment Limited, a wholly-owned subsidiary of Hong Kong-based Harbour Centre Development Limited, has sold the entire equity interest of China-based Wharf (Changzhou) Estates Company Limited to China-based Changzhou Youzhong Catering Management Company for
Wharf-CZ is currently the owner and developer of Marco Polo Changzhou. The 302-key Marco Polo Changzhou is located in the Xinbei High-Tech Development Zone, 3 kilometres from the central business district in Changzhou. The property spans over 44,000 square metres of total floor area, and features an indoor swimming pool, a tennis court, and a gym room. After the transaction will be completed, Marco Polo Hotels will stop operating the property.
The hotel property is part of a mix-used development project in Changzhou by Harbour Centre Development Limited completed in 2007; the hotel opened its door in 2014. The hotel is the only remaining unsold property in the project with approx. 44,000 square meters GFA. Surrounded by the Zaogang River and spacious park in the neighborhood, the property is near the high-speed rail station placing it within one-hour travel time to Shanghai.
Wharf Hotels is a wholly owned subsidiary of The Wharf (Holdings) Limited. Founded in 1886 with Hong Kong as its base, The Wharf (Holdings) Limited was the 17th company incorporated in Hong Kong and a premier company with strong connection to the history of Hong Kong. As one of the 30 constituent stocks in the original Hang Seng Index since more than 50 years ago, Wharf is backed by a long standing mission of “Building for Tomorrow” and a proven track record in management and execution.
Wharf Hotels currently operates 16 owned or managed luxury, upscale, full-service hotels throughout Hong Kong SAR of China, China and the Philippines, under two brands – Marco Polo Hotels and Niccolo Hotels. There are currently 11 owned and managed Marco Polo properties. The upscale full-service Marco Polo hotels spread throughout Hong Kong SAR of China, China and the Philippines.
Niccolo is a collection of ‘contemporary chic’ hotels with the most desirable, highly prized addresses. At heart, we are discoverers and rediscoverers of luxury experiences, styles and tastes. While the hotels are symbols of modern sophistication, Niccolo also highly values the timeless pleasures of impeccable hospitality from another era.
Their portfolio includes the Marco Polo Hong Kong, The Murray Hong Kong, Niccolo Suzhou and Suzhou International Finance Square.
To help rebrand Hong Kong as a destination, The Hong Kong Heritage Tourism Brands group created a collaborative comprising Hong Kong-based luxury hotel brands including Harilela Hotels, The Langham Hotels & Resorts, Mandarin Oriental Hotel Group, Shangri-La Hotels & Resorts, Swire Hotels, The Peninsula Hotels and Wharf Hotels.
Wharf Hotels is chaired by Australian, Dr Jennifer Cronin
Price: RMB 402m – around US$63m
Price per Key: RMB 1.3m – around US$209k
THPT Comment: We believe this is a new entry to hotels for Changzhou Youzhong and Wharf’s motivation was to generate cashflow for general working capital
First Seen: AP Hospitality Advisors
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