Hong Kong-based Weave Living (“WL”) and US-based PGIM Real Estate (“PGIM”) are acquiring Rosedale Hotel in Kowloon, Hong Kong, for HKD1.37 billion from Hong Kong-based ITC Properties Group Limited and Hong Kong-based Shaw Trustee (Private) Limited . The USD200 million joint venture between WL and PGIM will see that the 435-key Rosedale Hotel features 15,000 square feet of shared spaces, 4,000 square feet of rooftop terraces and a restaurant after renovation. The built up of the property will be 111,000 square feet. WL will act as the asset manager, development manager and operations manager for the joint venture as well as retaining 10 percent stake in the joint venture. The renovation will be completed mid-2023, marking WL’s fourth hotel conversion and expanding their room count by 40%.
