Hines and MindWorks Properties have partnered to buy a 158-room Hong Kong hotel to transform into a co-living complex.
Hines, investing on behalf of its Hines Asia Property Partners fund, has teamed up with the Hong Kong-based real estate firm to buy the Butterfly on Prat Hotel in Tsim Sha Tsui for an undisclosed amount.
The hotel will be converted into a co-living flagship managed by Dash Living.
The three parties expect to explore further co-living opportunities in Hong Kong and other leading cities throughout Asia Pacific.
Claire Thielke, senior MD and country head of Greater China at Hines, said: “We are excited to introduce an innovative, exceptional co-living offering to one of the city’s prime districts, incorporating new technology and embedding ESG principles.”
Tong Lynn Yu, investment partner of MindWorks Properties, said: “This project demonstrates MindWorks Properties’ overall vision of bridging innovative and disruptive industries with their hard asset real estate needs.”
Aaron Lee, founder of Dash Living, said the partnership “reflects our drive to offer an affordable and enriching living experience to people in Hong Kong, including young professionals while enabling them to stay comfortable, convenient and connected with a like-minded community”.
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