JLL appointed exclusively to sell the second largest hotel in Hong Kong
Hong Kong’s Sheraton & Four Points by Sheraton Tung Chung Hotel features a total of 1,219 rooms, the second biggest room inventory in the city.
HONG KONG, 27 March 2023 – JLL today announced that it has been appointed as exclusive sales agent for the Sheraton & Four Points by Sheraton Tung Chung Hotel in Hong Kong. Opened in late 2020, the property marks Marriott’s first dual-branded project in Hong Kong, and with over 1,200 keys, stands as the second largest hotel in the territory as measured by room inventory.
The hotel features 3,400 sqm of indoor and outdoor meeting space to meet the diverse needs of both MICE and wedding clients, including one of the largest ballrooms in Hong Kong. According to JLL, the sale will include T-Bay, Tung Chung’s newest community hub of restaurants, bars and shops.
Strategically located 10 minutes away from Hong Kong International Airport and AsiaWorld-Expo, the property is well positioned to benefit from strong and diverse demand generators from aircrew to corporate guests and leisure travellers. Furthermore, the hotel is located in close proximity to the Hong Kong Macau-Zhuhai Bridge, the Shenzhen border-crossing and local attractions which include designer shopping in Citygate Malls, The Big Buddha, Ngong Ping 360 Cable Car and Hong Kong Disneyland.
Ms Ling Wei Tan, Senior Vice President, JLL Hotels & Hospitality Group said, “Hong Kong’s hotel industry is on the cusp of full recovery in 2023, fuelled by the recent reopening of China’s borders and the dropping of the last Covid-19 measures. As a new and modern hotel, the Sheraton & Four Points by Sheraton Tung Chung Hotel is well-positioned to benefit from pent-up travel demand across all segments.”
With strong tourism demand and hotel trading fundamentals, Hong Kong has historically been a well sought-after investment market, with an average hotel transaction volume of US$1.0 billion between 2007 and 2022. JLL expects hotel deal volume to increase by 24% in 2023, boosted by a return of investors’ confidence in this resurgent market.
Mr Oscar Chan, Head of Capital Markets Hong Kong, JLL said, “Hong Kong has a proven track record of consistently adapting to changing market conditions and remaining economically competitive as a global business hub. We expect this marketing campaign to attract strong engagement from foreign and local investors alike seeking an institutional-quality hotel asset with scale.”
The property is being offered for sale via an Expression of Interest process, the details of which can be obtained from JLL.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.