The building, in Hong Kong's Sai Ying Pun area, changed hands for HK$730 million (US$93 million).
Hanison, which is controlled by billionaire Payson Cha, purchased the 43,765 square foot (4,065 square metre) building from Singapore's CapitaLand, which has been operating the property at 138 Connaught Road West as the Citadines Harbourview Hong Kong.
The sale price represents a 58 per cent increase on the HK$462 million that CapitaLand paid for the site in 2013.
The 53-key building has rooms that average 93 square metres by gross floor area, as well as a gym, laundry room, and a rooftop viewing balcony.
For the latest news and discussion from the Asian serviced apartment market, don't miss the first Serviced Apartment Summit Asia, which takes place in Bangkok next February.
Hong Kong Citadines development sold for US$93 million
China: Hong Kong developer Hanison Construction has bought Citadines Harbourview Hong Kong from Ascott parent company CapitaLand.
““There’s a lot of energy, it’s a great forum. What’s interesting is there is the expansion in terms of coworking, student housing and retirement living, there’s a lot of movement and a lot of these brands on the fringes are now coming into the fold.”
Bill Barnett, CEO, C9 Hotelworks
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