CBRE facilitated the transaction of the North Point M1 Hotel, priced at 183 million yuan

CBRE announced that it successfully facilitated the transaction of the M1 Hotel project at 112 Chun Yang Street, North Point. The property has a building area of approximately 30,244 square feet (unverified) and offers 92 fully furnished guest rooms, located just about a 5-minute walk from the North Point MTR station, with a final transaction price of HKD 183 million.

The new owner plans to collaborate with student accommodation operators, long-term rental apartment brands, hotel operators, or higher education institutions to transform the property into an iconic accommodation living space in the area, in response to the market demand for diversified lodging.

Mr. Mo Wangning, Senior Director at CBRE, stated that the demand for high-quality student accommodation, serviced apartments, and boutique hotels remains strong, coupled with the robust recovery of the local tourism industry driven by various government promotional activities, attracting various buyers to bid for the North Point Chun Yang Street M1 Hotel project. He is confident that with the cooperation of the new owner, the project is expected to reopen for student pre-leasing and occupancy in a new look in the next new semester