Hong Kongese investment firm Pleasure Bright Holdings Ltd. has acquired Kimberley Hotel, a four-star hotel in Hong Kong’s Tsim Sha Tsui area.
The 21-storey hotel is located around half a kilometre from the Tsim Sha Tsui metro station and a fifteen-minute walk from the waterfront Avenue of Stars.
Pleasure Bright Holdings, part of Beijing-headquartered China Cinda, has closed on the acquisition of the 546 room Kimberley Hotel, which was completed in 1990.
With a total investment of 4.3 billion Hong Kong dollar ($550 million), Pleasure Bright bought the 243,301 square foot property for the equivalent of $1 million per key.