M1 North Point Hotel on sale via EOI for $232m

The M1 North Point Hotel has been put up for sale via an expression-of-interest process with an indicative price of HK$232 million – about 54 percent lower than its asking price six years ago – according to sole agent CBRE.

The deadline for submissions has been set for noon on July 15.

The 28-story hotel – excluding the 4th, 14th, and 24th floors – has a gross floor area of approximately 30,224 square feet and provides 92 guest rooms. The property is currently in operation and, according to the owner, maintains an average occupancy rate of around 99 percent.

CBRE said the Hong Kong government’s talent admission schemes have seen more professionals and their families settle in the city, driving up demand for school placements and housing.

"As a result, institutions are eyeing whole-block hotels like this one for potential conversion into student or staff housing, given its proximity to tertiary campuses and minimal renovation needs," CBRE noted.

STAFF REPORTER