Minhang district, Shanghai
Shun Tak Holdings Ltd announced yesterday to the HKSE that Host Wise, an indirect wholly-owned subsidiary of the company, entered an agreement to acquire a hotel property in Shanghai for RMB700 million (MOP900 million).
“The vendor and Host Wise entered into the Framework Agreement on 9 April 2015, pursuant to which the vendor agreed to sell, and Host Wise agreed to purchase, the property at a consideration of RMB700 million, subject to the adjustments,” the note to the stock exchange reads.
The property in question is currently under planning and will be developed into an 8-storey hotel building at Shanghai MixC, an integrated commercial project being developed by the vendor (equally owned by CR Land and Shengtong Metro Assets), Shun Tak revealed in the announcement seen by MDT.
Shanghai MixC is strategically located in Minhang district at the southwest of Puxi spanning a total gross floor area of approximately 530,000 sqm. The complex will integrate a high-end shopping mall with a gross floor area of approximately 240,000 sqm, 11 office buildings and headquarters, a Metro Museum and a sky garden in addition to the hotels.
According to Shun Tak, the complex “enjoys seamless connection with the Ziteng Road Station of Metro Line 10,” and is a mere 10 minutes drive away from Shanghai Hongqiao International Airport.
The hotels will be operated by Shun Tak’s hotel management subsidiary, Artyzen Hospitality Group (AHG) to extend two hotel product offerings totaling 478 rooms. AHG was created to capitalize on the explosive growth of travel and tourism in the Asia region in particular greater China.
Launched in 2013, the hotel management company’s branded hotel concepts and services promote “an East and West cultural understanding to create and generate profitable partnerships with developers and owners.” The Group’s portfolio comprises Zitan, Artyzen Hotels & Resorts and citizenM.
Artyzen Hospitality Group’s president Robbert van der Maas said the company is currently developing hotel properties in Hengqin, Taipei and Beijing. “We are also looking at opportunities in Macau, namely for our citizenM brand, ” Mr van der Maas told the Times in an extended interview where he explains the strategy of Pansy Ho’s hotel development arm, which will be published on Monday. PC
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