Hong Kong’s hotel investment market reels from coronavirus, protests, with prices tumbling and landlords suing

Hong Kong’s hotel investment market is reeling from the impact of Covid-19 on tourism, with only one transaction taking place this year and landlords suing hotels for millions in rent arrears.Only one hotel property has changed hands successfully, albeit at a steep discount, so far this year compared with seven in the first eight months of 2019. Last year’s total investment volume came to HK$9.9 billion (US$1.28 billion) via 10 transactions, according to Colliers International.The city’s…

from South China Morning Post https://ift.tt/2Zn5lqO
Lam Ka-sing Hong Kong’s hotel investment market is reeling from the impact of Covid-19 on tourism, with only one transaction taking place this year and landlords suing hotels for millions in rent arrears.Only one hotel property has changed hands successfully, albeit at a steep discount, so far this year compared with seven in the first eight months of 2019. Last year’s total investment volume came to HK$9.9 billion (US$1.28 billion) via 10 transactions, according to Colliers International.The city’s… https://ift.tt/eA8V8J September 09, 2020 at 02:30AM