Double happiness for corporate titan Peter Lam
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.
-- Contact us at [email protected]
JH/JP/SK
-
Four recommendations for I&T development in Hong Kong Dr. Winnie Tang
As the Central Government has clearly shown its support to Hong Kong to develop as an international innovation and technology (I&T) centre, we should seize this golden opportunity. I would like to
-
For HK to improve its deteriorating image, starting point is HK Frank Ching
Less than a month after assuming office, Chief Executive John Lee faces a major stumbling block in his much ballyhooed campaign to promote Hong Kong in the international community by “telling a good
-
Who is not on the Bauhinia award list? Ben Kwok
A record number of people made to the Bauhinia Honours List of public service this year. A total of 493 people were honoured as members of the community and public servants who have made significant
-
Towards a bold yet measured reopening of Hong Kong Brian YS Wong
Hong Kong must reopen, promptly. Hong Kongers know this. Tell this to the thousands stranded abroad, keenly awaiting the next flight – and hotel slots – back to their hometown. Tell this to the many
-
Cutting data’s carbon footprint for a more sustainable Hong Kong Sanjay Rohatgi
The creation, processing, and management of data have forever changed the world. Consider the fact that the amount of data generated each year worldwide is expected to grow to 175 zettabytes (ZB) by
