A joint venture between Hong Kong developer Wang On and US investment firm Angelo Gordon buys Mong Kok hotel for US$55 million, sources say
Hong Kong developer Wang On Properties and US investment firm Angelo Gordon have jointly acquired a hotel in Mong Kok from the family of the late “Shop King” Tang Shing-bor for around a third of the original price.
The 199-room Hotel Ease Mong Kok on 60 Portland Street was bought by a joint venture between Wong On subsidiary Prime Resonance and Angelo Gordon-managed ADPF Oregon, according to a filing to the Hong Kong stock exchange on Thursday.
The joint venture would be committing about HK$291.04 million (US$37.1 million) towards the acquisition, with Prime Resonance contributing HK$43.66 million and ADPF Oregon HK$247.38, giving them a stake of 15 per cent and 85 per cent, respectively, according to the statement.
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