Double happiness for corporate titan Peter Lam

May 20, 2014 11:33
Ocean Park has given Lai Sun the go-ahead to build the Ocean Hotel. Photo: Bloomberg

It's been a week of two unions for mogul Peter Lam.

Last week, Lam celebrated the marriage of daughter Emily to Kent Ho, son of Sing Tao Group chairman Charles Ho.

This week Lam's Lai Sun Garment (Intl) Ltd. (00191.HK) and offshoot Lai Sun Development Co. Ltd. (00488.HK) announced they had Ocean Park Corp.'s go-ahead to build the Ocean Hotel.

In a regulatory filing Monday night, the companies said Capital Court Ltd., a wholly owned subsidiary of Lai Sun Development, will be responsible for planning, designing, building, developing, managing and maintaining the hotel.

The project is estimated to cost HK$4.1 billion (US$ 528.88 million) and Capital Court will fund the project from internal and external sources, including bank borrowings.

The hotel, which covers about 17,000 square meters, is located near the Entry Plaza of the “Waterfront” area of Ocean Park's Lowland zone. It will be up to six stories high and house up to 495 guest rooms.

Capital Court will also sign operation and management deals with hotel operator Marriott Group, the filing said.

Once the hotel is completed, Ocean Park Corp. will sublease the hotel's premises and operations to Capital Court until December 2047.

Lam is also chairman of the Hong Kong Tourism Board.

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EJ Insight reporter