International real estate firm Savills has successfully completed the leasing transaction of M1 Hotel, located at No.112 Chun Yeung Street, North Point (the "Property"). The Property comprises a 27-storey hotel building with a total gross floor area of approximately 30,224 square feet.
The hotel comprises 92 guestrooms, with room sizes ranging from approximately 151 square feet to 238 square feet. Shops and the hotel lobby are located on the ground floor. Situated in the heart of North Point, the Property enjoys a prime location and excellent connectivity, being just approximately 5 minutes' walk from North Point MTR Station and 8 minutes' walk from North Point Ferry Pier. It is also well supported by a comprehensive range of retail, dining and community amenities in the surrounding area.
In addition, the Property is located in close proximity to several tertiary institutions, including Hong Kong Shue Yan University and HKU SPACE. Its strategic location enables it to cater to the accommodation needs of both local and overseas students, making it an attractive option for the student housing market.
Ms. Iris Zhang, Senior Associate of Investment CEO Office at Savills Hong Kong said, “The continued increase in student arrivals to Hong Kong has fuelled growing demand for accommodation, prompting a number of hotel conversion projects across the market. The Property has been leased to a leading student housing operator with proven hotel management expertise. The operator plans to adopt a phased strategy, initially operating the Property as a combination of short-stay accommodation and long-term rentals, before gradually transforming it into student housing to meet the evolving needs of the market.”