China Resources Unit Buys Hotel Cozi Oasis for $122M

A subsidiary of China Resources (Holdings), CR Longdation, has signed an agreement to buy Hotel Cozi Oasis in Kwai Chung, Hong Kong, for HK$953 million (US$122 million). The target is a four-star hotel.

CR Longdation plans to convert the property into student housing, creating about 900 beds. The transaction is described as the largest hotel deal of the year, with Colliers and Knight Frank advising. The student-housing plan is tied to rising non-local student demand after Hong Kong increased caps on non-local students.