Creditors in aggressive push to sell 2 Hong Kong hotels amid banks’ drive to cut losses

Creditors are aggressively seeking to sell the Sheraton Hong Kong Tung Chung Hotel and the Four Points by Sheraton, a dual-branded complex on Lantau Island. Savills is managing a formal tender for the 1,219-room property, which closes on August 31. The hotels were seized after their owner, mainland Chinese developer Shimao Group, failed to sell the asset despite significant price reductions. Shimao had previously attempted to sell the complex for at least HK$6 billion, but later lowered the asking price to approximately HK$4.5 billion in late 2024. Receivers and agents are reportedly confident in finding a buyer for the hotel, which is operated by Marriott.