Another one bites the dust. By now you may have heard the sad news that the iconic waterfront hotel, The Excelsior, is set to close down on March 31 this year.
The hotel, which has sat in the prime location in Causeway Bay since 1973, and boasts one of our favourite rooftop bars in the city – ToTT’s – will be transformed into an office tower, following a US$650 million redevelopment project, which is expected to take around six years to complete.
Mandarin Oriental International, which owns the beloved four-star hotel, recently announced that it has received approval from the Government for a mixed-use commercial building covering a gross floor area of about 683,500 square feet. The announcement has caused an emotional stir among Hongkongers who regard the hotel as an important part of the city’s colonial past, given that it was built on Plot 1, the first piece of land sold after Hong Kong became a British colony in 1841.
The 869-room hotel was recently estimated to be valued at more than HK$30 billion, and some analysts predict that its closure could reduce room supply in the area by up to 8 percent and drive prices up at competing hotels. Until then, however, the hotel is treating guests to special discount packages on rooms with the tagline “enjoy a memorable last stay with us”.
Excuse us while we reach for the tissues.
The Excelsior Hong Kong, 281 Gloucester Road, Causeway Bay, (+852) 2894 8888