Weave paying $115M to buy third Hong Kong hotel in 9 months
Wednesday, May 11, 2022
(Mingtiandi by Beatrice Laforga) – Weave Living, through a joint venture with global investor Angelo Gordon, has agreed to purchase a hotel in Hong Kong Island’s Western district for HK$900 million ($115 million) from a property firm controlled by William Cheng, the son-in-law of Henderson Land Development founder Lee Shau Ke.
Cheng’s Magnificent Hotel Investments also revealed Wednesday that it is working on a separate HK$1.42 billion deal to buy the Bay Bridge Lifestyle Retreat hotel in the New Territories, beefing up its portfolio as the former Grand City Hotel in Sai Ying Pun is divested into Weave’s conversion pipeline.
“We are excited to have successfully acquired another property for Weave Living, and look forward to continuing our expansion across Asia-Pacific’s key gateway cities in the coming months,” Weave founder and group CEO Sachin Doshi said Wednesday in a release.
