Companies line up for the prime hotel and retail complex in Tsim Sha Tsui
At least six companies have submitted bids in the tender sale of the five-star Hyatt Regency Hong Kong in Tsim Sha Tsui in the latest sign of growing property market confidence.
The winning bid for the 18- storey hotel is expected to top $3 billion. The property has a gross floor area of 645,000 square feet, with a 723-room hotel and a three-storey shopping arcade fronting on to Nathan, Peking and Lock roads.
Chinese Estates Holdings, which has made no secret of its appetite for large shopping centres in densely populated areas, confirmed yesterday that it had submitted an aggressive bid. The public tender closed at noon yesterday.
Other bidders for the property, owned by listed Associated International Hotels, are believed to include the Fu family - the former owners of the former Hotel Furama in Central - Cheung Kong (Holdings) and Sun Hung Kai Properties. They were unavailable for comment.
Associated International and sole sales agent DTZ Debenham Tie Leung declined to comment.
Analysts said the tender would become the latest indicator of the outlook for the hotel and retail property markets.
