Baar-Zug, 7 August 2012
Partners Group invests in Novotel Nathan Road hotel in Hong Kong
Partners Group, the global private markets investment manager, has completed an investment in a landmark hotel building on behalf of its clients. The acquisition of this property, strategically situated on one of the prime retail streets in Hong Kong, was completed jointly with Gaw Capital Partners and CSI Properties Limited.
Novotel Nathan Road is a 16-story hotel, located along one of the prime shopping belts in Hong Kong. The property comprises 389 hotel rooms as well as retail space on the first four floors. The building is well-positioned to continue to profit from growing demand for hotel space in Hong Kong and increasing retail sales. In addition, the property offers the potential to further enhance value through the repositioning of the retail space.
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."