Private equity group buys Novotel Nathan Road08 August 2012
Global private equity investor Partners Group has purchased the Novotel Nathan Road hotel in Hong Kong's Kowloon district.
Novotel Nathan Road is a 16 storey hotel comprising 389 rooms in addition to retail space on the first four floors.
The transaction was copulated with Gaw Captal Partners and CSI Properties Ltd.
Pamela Alsterlind, Partner and Co-Head Private Real Estate, comments, "We have identified increased revenue potential for this high-profile property which is strategically positioned in Kowloon's 'golden mile shopping district', a prominent business, dining, shopping and entertainment area. We expect our clients will profit from the cash-flow visibility and the income growth potential of the property given the structural shortage of hotel rooms in Hong Kong. The business plan is to exploit the upside potential through pro-active asset management."