Surprise plan approved to tear down Excelsior hotel after 42 years as Hong Kong landmark
Excelsior Hotel (BVI), a wholly owned subsidiary of luxury hotel operator Mandarin Oriental International, has secured approval to build a 26-storey commercial building.
Four-star hotel The Excelsior may be torn down to make way for a commercial development after 42 years as a Causeway Bay landmark.
Excelsior Hotel (BVI), a wholly owned subsidiary of luxury hotel operator Mandarin Oriental International, has secured approval to build a 26-storey commercial building over the four-storey basement at 281 Gloucester Road, the Building Department's February monthly digest released yesterday stated.
The plan would yield a total gross floor area of 684,005 square feet if Mandarin Oriental goes ahead with the redevelopment.
Alvin Lam Tsz-pun, a director at Midland Surveyors, said the proposed redevelopment would definitely enhance the site's commercial value.
"The plan is a bit of a surprise to the market," he said. "But the property is in a great location and commands an excellent sea view. Both hotel and commercial development will be sought after."
With an estimated construction cost of at least HK$5,000 per square foot, he said the redevelopment project could involve an investment of HK$3.4 billion.