CapitaLand Nears $293 Million Deal to Turn Hong Kong Hotel into Student Housing

CapitaLand Investment Ltd. plans to acquire the 550-room ibis Hong Kong Central & Sheung Wan hotel for about HK$2.3 billion ($293million) and convert it into student housing, according to people familiar with the matter, marking one of the largest recent bets on the city’s burgeoning purpose-built student accommodation sector.

The Singapore-based asset manager intends to repurpose the 32-story property to anchor its long-term lodging expansion in Hong Kong, the people said. The transaction has not yet closed.