ICP to acquire Hong Kong CBD hotel, to relaunch it as Travelodge

Travelodge Central, Hollywood Road, formerly Butterfly on Hollywood, will be owned by ICP and managed by Travelodge Hotels Asia.

A consortium with SGX-listed ICP and a real estate private equity fund has acquired the Butterfly on Hollywood hotel, a 148-guestroom property in the central district of Hong Kong, its second in the city. On September 2017, the hotel will be rebranded as Travelodge Central, Hollywood Road and will be operated by Travelodge Hotels Asia, a subsidiary of ICP.

At the intersection of Hollywood Road and Possession Street, the hotel is close to numerous tourist attractions, multiple offices in the CBD, the Sheung Wan MTR Station and Hong Kong's largest and most popular malls, such as The Landmark, Prince's Building and IFC Mall.

Travelodge signed its first Hong Kong hotel in partnership with Tai Hung Fai Group in mid-July. In the Jordan district of Kowloon, the 126-guestroom hotel, which was originally the Hotel Rainbow, was renovated and rebranded as the Travelodge Kowloon in February 2017. As part of the franchise agreement, Tai Hung Fai Group manages the Travelodge Kowloon.

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Amid expansion of its Asian portfolio, Travelodge launched two hotels in Bangkok and Pattaya last month. As part of a deal with Whitbread, Hotel 81 acquired Premier Inn's 388-key portfolio. Travelodge agreed to manage the two hotels. 

In 2016, Travelodge signed an agreement with Thailand's C.A.T. Opulence to manage the 150-guestroom Travelodge Jomtien. The new hotel on the east coast of the Gulf of Thailand, which will be near the U-Tapao Rayong-Pattaya International Airport, will open in 2019.

While the hotel group widens its footprint in Hong Kong and Thailand, its brand development pipeline will spread to other markets, such as Singapore, Malaysia and Japan, in the near future.

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The new hotel is a mile from where the brand made its debut in London's Mayfair neighborhood 48 years ago. 

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The hotel is set to open in 2022 via a management agreement with Cornerstone Partners Group.