Hong Kong ‘Shop King' Tang Shing-bor's family sells Mong Kok hotel at throwaway price
The 199-room Hotel Ease Mong Kok on 60 Portland Street was bought by a joint venture between Wong On subsidiary Prime Resonance and Angelo Gordon-managed ADPF Oregon, according to a filing to the Hong Kong stock exchange on Thursday.
The joint venture would be committing about HK$291.04 million (US$37.1 million) towards the acquisition, with Prime Resonance contributing HK$43.66 million and ADPF Oregon HK$247.38, giving them a stake of 15 per cent and 85 per cent, respectively, according to the statement.
The buyers paid about HK$435 million for the hotel, according to a source familiar with the matter – a loss of HK$665 million, or 60 per cent, when compared with Tang's HK$1.1 billion investment in 2018. The Tang family put the asset up for sale in early 2023.
Hotel Cozi Harbour View in Kwun Tong was sold for HK$1.87 billion earlier this year. Photo: Google Maps
Hong Kong has become a magnet for hotel investments after some investors snapped up assets on the cheap this year, banking on a recovery in tourism and shrinking room supply to brighten the industry outlook.
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