Hong Kong insurance and hedge fund mogul, Calvin Lo, added another property to his personal portfolio, picking up the Mandarin Oriental, Taipei, in Taiwan.
Lo bought both the hotel building and the 149,446.13 square feet land at 158 Dunhua North Road, Taipei, for NT$35.8 billion (US$1.25 billion) late last month, records show.
The Mandarin Oriental Hotel Group, a Hong Kong-based luxury hotel operator, launched its first hotel in Taiwan in 2014, with the goal of having the highest average room rates to match its luxurious rooms in the country.
The hotel took eight years to construct and is located on the former site of the Mandarina Crown Hotel on Dunhua North Road adjacent to the Taipei International Airport (Songshan airport), with an advertised price for a standard room at NT$16,500 (US$550) per night, making it Taiwan’s most expensive and upscale hotel.
Lo is the CEO of life insurance brokerage firm, R.E. Lee International, offering business succession and estate planning services to businesses and ultra high net-worth individuals. He also founded R.E. Lee Capital, where he controls US$8 billion of assets under management. Lo has amassed a personal wealth of US$1.7 billion, making him 43rd wealthiest person in Hong Kong.
Lo has a personal networth of US$1.7 billion and is ranked 43 richest person in Hong Kong.
While many of the world’s billionaires constantly find themselves in the spotlight, drawing attention to their status that incredible wealth brings, Lo has an incredible knack for keeping a low profile. In fact, he is so good at staying under the radar that many people in his industry know very little about him. That is why you have never heard of him. No interviews. No attention seeking habits, just a simple person with loads of money and immense financial power. And while this may seem mysterious, it allows Lo to focus completely on his work instead of getting drawn into the distraction of the limelight.
Billionaires like Lo have so much money they can fund capital intensive property investments from their own pockets. Where most people would combine forces or take out loans, Lo has the money to go all in alone. Because he is not cash strapped, expect Lo to only buy a hotel to be among if not the best in the world…such as the Mandarin Oriental, Taipei.
Aside from being the first and only hotel in Taiwan recognized with the 5-star accolade for both its hotel and the spa by Forbes Travel Guide for three consecutive years since 2017, the Mandarin Oriental, Taipei, has continued to be honored with numerous international awards such as the highest rank “5 Red Pavilions” on the Michelin Guide Taipei 2018, No.2 on the “Best Hotel in Taiwan” by DestinAsian Readers’ Choice Awards 2018, No.2 on the “Most Creative Hubs” by 2018 Conde Nast Traveler China Gold List as well as many other local and international acknowledgements