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Hong Kong shared living firm Weave, unnamed property manager acquire Rosedale Hotel in US$175 million deal, to turn Kowloon property into co-living space

  • Rosedale acquisition shows operators are finding value in co-living segment, Knight Frank executive says
  • The property is Weave’s biggest and is expected to open in mid-2023

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The Rosedale Hotel in Kowloon. The deal values it at HK$12,400 per square foot. Photo: Handout
Cheryl Arcibal

Shared living spaces operator Weave Living has, with an unnamed global real estate asset manager, acquired the 435-room Rosedale Hotel in Kowloon for HK$1.37 billion (US$175 million), it said on Tuesday.

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The acquisition is part of a US$200 million joint venture, of which Weave will own 10 per cent, said Sachin Doshi, the Hong Kong-based company’s founder and group CEO. It will also be the asset, development and operations manager of the venture and its assets.

“Weave Living has been looking at potential acquisition opportunities in core locations in Hong Kong, as we see there has been a strong demand for quality and stylish rental accommodation,” he said. “The newly acquired property is conveniently connected to other urban areas with efficient transport … We have already been operating Weave Studios-Olympic in the district and we believe the latest acquisition can bring about further operational efficiency and synergy.”

In co-living, tenants have their own bedrooms but share other spaces such as kitchens and living rooms, which typically suits students or young professionals living away from their families for the first time in their lives. This concept gives them privacy as well as the opportunity to find a community and build relationships.
Sachin Doshi, Hong Kong-based Weave Living’s founder and group CEO. Photo: Handout
Sachin Doshi, Hong Kong-based Weave Living’s founder and group CEO. Photo: Handout
The Rosedale acquisition shows operators are finding value in the co-living segment, said Martin Wong, director of research and consultancy for Greater China at Knight Frank. “The co-living sector has been performing well over the past two years. Despite the slow down during the first outbreak [of Covid-19], the sector has shown high-growth potential, due to its relatively high return in terms of per square footage,” Wong said.
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