Tuesday, June 25, 2024
HomeNewsHong KongEmperor Entertainment to acquire Hong Kong serviced apartment building for $90M

Emperor Entertainment to acquire Hong Kong serviced apartment building for $90M

Emperor Entertainment Hotel Ltd has announced an agreement with its parent company to acquire a serviced apartment building in Hong Kong for HK$700 million ($90 million).

The deal involves Emperor Entertainment acquiring Star Omen Limited, a wholly-owned subsidiary of Emperor International Holdings Ltd, through a HK$150 million ($19.2 million) deposit followed by a HK$350 million ($44.8 million) payment upon settlement, with the remaining balance to be paid in seven equal quarterly instalments.

The property is a 25-story apartment building located in Central, Hong Kong, and completed between 2022 and 2024.

Emperor Entertainment Hotel’s business currently covers a total of six hotels and serviced apartments in Hong Kong and Macau, including Macau’s Grand Emperor Hotel and its casino.

Grand Emperor Hotel,Emperor Entertainment, Macau
Grand Emperor Hotel, Macau

The company explained that the acquisition would help expand its asset portfolio and revenue base within its core business, enhancing its market presence citing growing demand for serviced apartments driven by the New Capital Investment Entrant Scheme and various talent schemes introduced by the local government.

‘These initiatives have attracted numerous talents, professionals, expatriates, and their families from Mainland China and overseas, increasing long-stay hospitality demand.’ Emperor added.

‘Demand is expected to rise from Mainland Chinese and overseas students studying in Hong Kong, as well as business travelers, with Hong Kong remaining a key gateway to Mainland China’s capital market and playing a crucial role within the Greater Bay Area.’

The gaming operator stated that the transaction would generate net proceeds of approximately HK$654.5 million, improving its financial position and liquidity, and creating additional reserves for future investment opportunities.

AGBrief Editorial
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