Hong Kong self-made billionaire, Cheng Yu-tung, apparently is expanding his empire. It's been reported Mr. Yu-tung purchased 5 luxury hotels in the New York area for a grand total of $570,000,000. The seller was Maritz, Wolff & Co. and Rosewood Corp. which dumped the 5 hotels including popular 188-room Carlyle Hotel.
(the 85 year old Cheng Yu-tung has a net worth of 6.7 billlion)
Travel experts are making note about Asian visitors traveling more often to the States and seeking luxury accommodations. Mr. Yu-tung didn't become a billionaire by mistake, his instincts are great, so expect more oversea guests. Even in our current recession the Carlyle Hotel has never dropped below 10 million in annual sales partly due to it's trendy design attracting younger visitors.
Brace yourself... This will soon be the norm, if our economy doesn't turn around and the dollar stays low. Our real estate is going to be a play ground for the Chinese.
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