Macau gaming concessionaire SJM Holdings has announced a significant investment of approximately RMB724 million ($101.2 million) in a new hotel development in the nearby region of Hengqin, marking a strategic expansion in the Greater Bay Area.
SJM said its budget hotel would complement its existing five-star offerings in Macau, such as the Grand Lisboa Palace and the Grand Lisboa, by targeting a wider segment of the travel market.
The group also stressed that the conversion works will be carried out by the project’s original developer, which has experience building hotels in the area.
The hotel is expected to open by early 2028, pending final government approvals. Once completed, the facility will offer lower operating costs and new revenue streams, SJM said, positioning the group for more balanced growth in a post-pandemic tourism environment.
The deal involves the purchase of office and retail units within a mixed-use complex developed by Zhuhai Hengqin Shun Tak Property Development, a company linked to SJM board chair Daisy Ho and her sister, businesswoman Pansy Ho.
Following a preliminary announcement in December 2024, the company, through its subsidiary SJM – Investment Limited, has signed an agreement with Zhuhai Hengqin Shun Tak Property Development Company Limited to acquire office properties at Xin De Kou An Shang Wu Zhong Xin.
Due to the relationship, the deal is classified as a “connected transaction” under Hong Kong’s listing rules, though it does not require shareholder approval.
SJM plans to convert the bare-shell property into a mid-range hotel by 2028, leveraging cost advantages and brand recognition to extend its reach beyond the high-end market. The seven-stage payment plan will be funded through internal resources and financing facilities.
The site will be transformed into a three-star hotel, contributing to a lifestyle hub that includes residential, retail, and office spaces adjacent to Hengqin Port.
The operator highlighted that this project aligns with national policies aimed at enhancing the integration between Hengqin and Macau, while also diversifying the tourism landscape in the region. “This project represents more than an expansion of our hotel portfolio.
“It reflects our strong alignment with national strategies to deepen integration between Hengqin and Macau”, said Daisy Ho, Chairman of SJM Holdings in the announcement, adding that the company’s commitment to cross-border tourism and collaboration with mainland partners.
The acquisition encompasses 12 stories of strata office units, totaling approximately 19,781 square meters, and is strategically located near high-traffic gateways and transportation links, making it well-positioned to attract cross-border travelers.
Renovation works are expected to be completed within 24 months, paving the way for new revenue streams and operational synergies with existing SJM properties, including the Grand Lisboa Palace Resort and Grand Lisboa Hotel.
SJM underscored the hotel aims to cater to the underserved mass market segment, reinforcing a commitment to advancing the SAR’s “tourism+” policy agenda and capturing long-term value in the evolving landscape of Hengqin and Macau.
