Wang On Group unit, ADPF Oregon form JV to purchase a hotel

The JV will purchase the 199-room Hotel Ease Mong Kok.

Wang On Group’s subsidiary Prime Resonance and Angelo Gordon-managed ADPF Oregon formed a joint venture (JV) to acquire Hotel Ease Mong Kok, located in Kowloon, Hong Kong.

In a bourse filing, they said that the sole business of the JV is to purchase, hold, lease, and sell the property and/or its holding company for capital gain.

The shares of the JV will be 15% for Prime Resonance and 85% for ADPF Oregon.

The JV will be committing $291.04m towards the acquisition, of which $43.66m and $247.38m will be contributed by Prime Resonance and ADPF Oregon, respectively.

The hotel property to be acquired has 199 rooms with a total gross floor area of approximately 48,595 square feet.