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LaSalle Investment Management Appoints Accor to Manage the
Majestic Hotel,Hong Kong;  Hotel Will Undergo US$24 million
Renovation and Rebranding to Novotel

BANGKOK, 24 July, 2007 –  LaSalle Investment Management announced that they have appointed French hotel group Accor to manage the Majestic Hotel, following their purchase of the hotel and Majestic Retail Centre. 

LaSalle Investment Management announced that the Majestic will undergo a comprehensive HK$188 million (approx US$24 million) refurbishment programme to upgrade the hotel to a 4-star Novotel. The hotel will be closed towards the end of the year for approximately four months to allow the renovation of all rooms and public areas, after which it will be officially re-branded Novotel Nathan Road Kowloon. Until its closure, the hotel will continue to operate as the Majestic Hotel, managed by Accor.

The 380-room hotel is located on Nathan Road in Kowloon, providing travellers to Hong Kong with easy access via MTR to Hong Kong's main commercial and shopping districts on either side of the harbor. Acclaimed tourist attractions such as Jade Market and Temple Street Night Market are also in close vicinity.

The Novotel Nathan Road Kowloon will join Novotel Century Hong Kong and Novotel Citygate to give the brand three high profile locations in key commercial areas of Hong Kong.

Announcing the acquisition of the Majestic and management contract with Accor, LaSalle Investment Management Regional Director, Mr Andrew Heithersay, said the hotel had a rich history and its launch as a Novotel will contribute to Hong Kong’s future tourism development.

“Hong Kong retains its position as a leading gateway to China as well as a regional hub for Asia because of the competitive business environment and broad appeal to leisure travelers,” he said. 

“The destination has a serious shortage of quality 4-star accommodation and with a growth rate in visitor numbers of over 8% per annum, the upgrading of the Majestic to a Novotel will play an important role in addressing the future accommodation needs of Hong Kong. 

“The Novotel will appeal to both the business and leisure market segments, particularly given its convenient Nathan Road location.”

Accor’s CEO Greater China, Brian Deeson, said that the hotel was an important addition to the group’s China network and builds on the success of the Novotel Century Hong Kong and Novotel Citygate, which opened in Tung Chung, near the airport, last year. 

“Novotel is well established in China and the Asia Pacific region as the leading four-star business brand, and the hotel will be upgraded to Novotel’s new-generation rooms, featuring the latest in contemporary design and communications facilities,” Mr Deeson said.

“It will join Novotels in other key locations around the country including Beijing, Shanghai and Shenzhen, and will give Accor a strategic presence on the Kowloon side of the Harbour. 

“We expect to build on the long-established reputation of the hotel and use Accor’s international distribution to attract new clientele from around the world.” 

Accor currently operates 78 Novotels in Asia Pacific, including 13 in China. Another 13 Novotels are scheduled to open around Asia Pacific in the next two years.

LaSalle Investment Management (“LaSalle”) is a major force in the world's real estate capital markets with US$44 billion of assets under management invested in private real estate, both separate accounts and funds, and publicly listed real estate securities.  In Asia Pacific, LaSalle has approximately US$5.5 billion of property assets under management, including 10 hotels located in Hong Kong, Shanghai, Japan, Singapore and Bangkok.  LaSalle is a significant property investor in the Asia Pacific region and is actively targeting acquisitions of US$20 billion over the next three to four years. LaSalle is a wholly owned, but operationally independent, division of Jones Lang LaSalle Inc., one of the world’s leading real estate service providers. Jones Lang LaSalle is a publicly held, New York Stock Exchange listed company (ticker: JLL).  

Accor, the European leader in hotels and tourism, and a global leader in corporate services, operates in nearly 100 countries with 166,000 employees.


Tom Racette
Manager PR and Communications –Asia,
Tel: (662) 659 4620

Also See: Novotel Citygate Hong Kong Opens; 440 room Hotel the Site Hotel Partner of AsiaWorld-Expo / April 2006


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