LaSalle Asia Opportunity Fund II, through LaSalle Investment Management, has agreed to sell the Novotel Nathan Road Kowloon Hong Kong to funds managed by CSI Properties and Gaw Capital Partners for US$305 million, making the sale the biggest in Hong Kong in more than 10 years.
In 2006, LaSalle Asia Opportunity Fund II bought the then Majestic Hotel, which was refurbished and opened as the 386-room Novotel Nathan Road Kowloon Hong Kong in April 2008.
“The divestment of Novotel Nathan Road Kowloon Hong Kong demonstrates LaSalle’s ability to identify attractive market sectors and enhance returns through a targeted value-add strategy,” said Andrew Heithersay at LaSalle.
The deal was brokered by Joseph Tsang of Jones Lang LaSalle and Mike Batchelor of Jones Lang LaSalle Hotels.