Excelsior – Hong Kong – and the Dicken's Bar

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Viewing 4 posts - 16 through 19 (of 19 total)

  • canucklad
    Participant

    Sadly you can’t stop progress getting in the way of nostalgia…..especially in HK

    Never stayed there but great memories of Dickens Bar, a very civilized bar in Wan Chai.
    Used it as a interim stop for a relatively quiet beer (sorry beers) after the 7’s , before heading to the more hedonistic pubs on Lockhart Road.
    And sadly if its closing at the end of March, I’m going to miss out by a week : (

    Maybe the owners might delay until the 7’s week is over, why miss out on a cash bonanza?


    Chris in Makati
    Participant

    Has anyone heard whether the plans to redevelop the site into a multi-use commercial building include incorporating a replacement hotel into the new complex?


    Tom Otley
    Keymaster

    They don’t at the moment.

    “The decision to close the hotel… reflects strong commercial property values in Hong Kong and the expected higher yield associated with a commercial building at a time when the hotel requires significant investment…. Upon closure of the hotel, the Group will be required to recognise a one-time accounting valuation gain associated with reclassifying the asset as a commercial investment property on its balance sheet. Based on current assumptions and market information, the Group estimates that this reclassification of the asset to reflect its market value as a site for commercial redevelopment would lead to an accounting gain of some US$2.9 billion (net of closure costs).

    “While Group earnings will be lower during the redevelopment period due to lost earnings from The Excelsior, the Group’s results will soon benefit from the re-opening of its hotels in London and Madrid which are currently under renovation. Once completed, the new building is expected to generate significantly higher, and more stable, cash flows with less ongoing capital expenditure compared to a renovated hotel. The redevelopment itself is not expected to adversely impact the recent level of dividends paid.”


    BPP
    Participant

    Will mourn the passing of the Excelsior. It was my favourite hotel in times past and I have spent many a happy hour in the Club Lounge watching the harbour activity. Hope they keep the Dickens bar!
    BPP

Viewing 4 posts - 16 through 19 (of 19 total)
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