Thursday, May 19, 2011

Who's Daily Treasure?

So Silvermine Beach Hotel has been sold.

Hong Kong Ferry announced that: "On 12 May 2011, the Vendor has accepted the tender by the Purchaser to purchase the Property at the consideration of HK$280.8 million subject to and upon the terms of the conditions of sale.

"Taking into account the carrying value of the property and certain furniture and fixtures remaining on the Property, a gain in an estimated sum of approximately HK$240 million before tax."

Woweee, that's a lot of profit. So does that mean HKF bought the hotel for a mere HK$40.8 million? Small change, that.

But more interestingly, who is Daily Treasure Limited?

A quick Google search brings up only Daily Treasure Industrial, established in 1990, and specializing in producing decorative jewelry boxes made of real egg shells... I doubt it's the same company.

Friends in the hotel industry said they've heard rumours that the place will be turned into a conference centre. And when you come to think of it, it does make sense as the hotel is close to the airport, fairly self-contained and has a beach for team-building exercises.

I just hope they have a nice restaurant (or even spa, dare I hope?) open to the public.

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