Billionaire Tang Shing-bor buys Hong Kong’s Hotel Bonaparte for $58M

Hotel Bonaparte guestroom

Hong Kong’s Tang Shing-bor, a known retail magnate, is stepping into the hospitality arena with the $57.5-million purchase of the Hotel Bonaparte in the territory’s Wan Chai district. Tang founded the Stan Group, a real estate investment firm, which acquired the 80-room property for roughly $718,000 per room. Currently, Tang’s portfolio of hotel and serviced residence assets sits at 17 properties.

Hong Kong hotel operator Rhombus Group sold the Hotel Bonaparte to Tang. Rhombus described the 24,278-square-foot property as a “micro boutique hotel,” which includes a ground-floor shop leased to the Pacific Coffee chain through June 2018. The 23-story hotel opened in 2008 following a conversion, and was renovated as recently as 2011.

After selling Hotel Bonaparte, Rhombus Group now operates two hotels in Hong Kong and one in Chengdu, China. 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Hong Kong hotels are currently in the midst of a redevelopment trend whereby they are closing shop to be converted into office space or penthouses, a fate that nearly befell the Hotel Bonaparte before Tang swooped in to purchase it. In fact Rhombus Group shut down its Hotel LKF, which was located in Hong Kong’s Lan Kwai Fong district, in July to begin its conversion into an office building leasing space to the co-working company WeWork.

Since Tang has taken an interest in hospitality, Stan Group has spent roughly $1.3 billion on hotels this year alone, purchasing 14 hotels and two new apartment projects. Five of Tang’s new hotels are expected to open this year, and his holdings now include 4,000 rooms and serviced apartments. These properties are managed by the Living Group, a company run by Tang’s son, Stan Tang.

Suggested Articles

As the cost of building hotels continues to rise, modular construction presents a possible way for developers to save money.

The rebranded property, formerly an Amari hotel, operates under a franchise agreement and is managed by Le Mirage Real Estate.

The 80-room hotel, owned by Freeman & Kallaher Colorado Properties and managed by InterMountain Management, is slated to open Oct. 23.