SJM Holdings Limited has recently announced plans to expand its footprint into the budget accommodation sector with the acquisition of nine floors of office space in Hengqin. The company will invest RMB546 million to convert this space into a three-star hotel, strategically located just a five-minute walk from the Hengqin Port.
In a statement, SJM Holdings revealed that the property spans 14,845 square meters, covering the 21st to 29th floors of the Xin De Kou An Shang Wu Zhong Xin commercial development. This initiative aligns with a recent policy initiative by the Hengqin government aimed at repurposing underutilized buildings into hotels, a plan that has gained traction since its introduction in April and subsequent expansion in July.
Daisy Ho, chair of SJM Holdings, emphasized the strategic advantages of the location in the statement. “The proposed acquisition is situated next to the 24-hour Hengqin Port and is in close proximity to our existing hotel portfolio in Macau,” she stated. The area is just a five-minute walk from the 24-hour Hengqin Port and a short drive from major hotels like the Grand Lisboa Palace Resort and the Grand Lisboa Hotel.
The new three-star hotel is expected to cater to budget-conscious travelers, particularly mainland Chinese tourists who have often found Macau’s accommodation costs to be prohibitive.
The anticipated Jan. 1, 2025 opening of the Hengqin-Macau multiple-entry visa policy is expected to stimulate tourism. This policy will allow eligible visitors to travel back and forth between Macau and Hengqin multiple times within a week. Additionally, the newly inaugurated Hengqin Light Rapid Transit line is expected to enhance accessibility between these locations.
Ho added that the new Hengqin hotel would expand the types of customers that the gaming concessionaire serves.
Nadia Shaw
No Comments