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An increasing number of hotels in Hong Kong’s non-core tourist areas are toying with the idea of converting their properties to co-living spaces as they face challenges from the changing travel pattern of young professionals and a drop in mainland tourists, say industry experts. Mojo Nomad Aberdeen Harbour in Wong Chuk Hang is one such hotel to have converted to co-living in December, which now consists of 65 rooms and 250 beds. Brushing aside the suggestion that some hotels were converting their properties because of a decline in mainland group tours, Girish Jhunjhnuwala, founder and CEO of Mojo Nomad and Ovolo Hotels Group, said the move was purely to tap the rising demand of “the new generation of travellers who live and work in different places”. Excluding Mojo Nomad, there are currently five hotel operators offering co-living services in Hong Kong, with three more set to open in the coming two years. According to JLL, hotel owners and investors can improve rental yields by up to 12.1 per cent if they convert an existing property into a co-living scheme. Other examples of hotels that are being converted to co-living use include Hotel 36 in Prince Edward. C2 Hotel in Sham Shui Po was converted to M3 International Youth Apartment in 2016. Read Original Article |
