Hong Kong's Weave Co-Living snags $66 million West Kowloon hotel

Weave, a Hong Kongese co-living operator, has purchased the 141-key Silka West Kowloon Hotel, its fourth and largest building in the Asian financial hub.

Under the deal, Anchor Street Investment Ltd., owned by Weave, agreed to buy the hotel from Golden Wheel Tiandi Holdings for 515 million Hong Kongese dollar ($66 million) or $1,759.12 per square foot of gross floor area.

With plans to convert the property into a 250-room co-living location, Anchor Street will also buy 100 percent of the equity in a shell company that owns the hotel at 48 Anchor Street.

The transaction is expected to expand Weave’s portfolio of existing and planned shared living locations across four of Hong Kong’s key commercial hubs and would bring its total room count to 625.