International real estate firm Savills is delighted to announce the successful completion of the transaction of 84 – 102 Wuhu Street, Hung Hom (the “Property”). The Property was acquired by the Hong Kong Metropolitan University.
The Property is a newly completed hotel, offering 255 rooms with over 480 bed spaces. It enjoys an excellent location, within a 6 – 8-minute walking distance to the Ho Man Tin and Whampoa MTR stations, providing convenient access to two railway lines.
Mr. Peter Yuen, Managing Director, Investment, Savills Hong Kong said, "This transaction was extremely challenging. The owner had initially planned to operate the hotel themselves and never intended to sell. It took one and a half years from our initial approach during the pandemic period to the completion of the transaction. During the process, the buyer had temporarily walked away and was looking for other properties, but ultimately, through our persistent persuasion of both the buyer and seller, they showed goodwill and made concessions. The property's status also evolved from an off-plan project to one with occupation permits, certificate of compliance, and a hotel license, eventually transacting with a complete hotel setup.
Our team had to cater to all the buyer's requirements and provided a detailed inspection report as a professional service. Our experienced team also arranged multiple meetings for the buyer and seller, as well as their respective legal teams, to negotiate directly, ultimately facilitating the transaction and satisfying the needs of both parties."