Latest news with #privateclub
South China Morning Post
17 hours ago
- Business
- South China Morning Post
Hong Kong branch of Singaporean 1880 club in liquidation with HK$20 million in debts
The Hong Kong branch of a Singapore-based private club that closed after less than a year in business is undergoing liquidation with about HK$20 million (US$2.5 million) of debts, former employees have said. Financial difficulties forced 1880 Hong Kong, located at Two Taikoo Place in Quarry Bay, to shut its doors on Friday last week, leaving 100 employees without pay for two months and some members angered by sales made shortly before the closure. It also owed unpaid rent to its landlord, Swire Properties. Two former employees told the Post on Tuesday that the cash-strapped club had gone into liquidation, blaming the failure on the company's poor financial planning and governance. Both said that the landlord made a substantial capital investment in the fixed assets, while the club only had to take care of operations. One said that Swire's capital investment amounted to more than HK$170 million. The club, which opened on November 8 last year, occupied four floors offering event spaces, a gym with spa facilities, four restaurants, a cocktail bar and a sports bar. Each member had to pay a joining fee of around HK$24,000 and a monthly subscription fee of HK$1,300, or HK$14,000 for a full year, according to the founding member rates seen by the Post.
South China Morning Post
3 days ago
- Business
- South China Morning Post
1880 Hong Kong club folds after 7 months, accused of owing staff unpaid wages
The Hong Kong branch of a Singapore-based private club, which recently closed its doors after only seven months of operation, has been accused of owing rent and more than 100 employees unpaid wages since April, with the Labour Department receiving requests for help from affected workers. 1880 Hong Kong, located at Swire Properties' office complex Two Taikoo Place in Quarry Bay last Friday announced its immediate cessation of operations, citing 'cash flow difficulties' and failed attempts to raise funds. All memberships and associated privileges were discontinued. The landlord told the Post that 'rent and other arrears' were still owed but declined to disclose more details due to confidentiality concerns. They have repossessed the premises. The club, which only opened its doors on November 8 last year, occupied four floors offering event spaces, a gym with spa facilities, and several restaurants. In an internal letter seen by the Post, founder Marc Nicolson apologised to his employees for the closure, saying the 'deal' they had been trying to close had been unsuccessful. He said he asked employees to trust him and continue working, as he believed he could raise the capital to save the company.
The Independent
26-05-2025
- Business
- The Independent
Who you will and who you won't see at Donald Trump Jr's DC private members' club
Next month will see the opening in Washington, D.C., of Executive Branch, the Trump-aligned private members' club, in a subterranean space behind a Georgetown shopping mall. Now, according to reporting by The New York Times, we now have a better idea of who you will and who you won't see there. Donald Trump Jr. owns the club along with Zach and Alex Witkoff, sons of President Donald Trump 's Middle East envoy Steve Witkoff; Omeed Malik, head of 1789 Capital; and Chris Buskirk, an ally of Vice President JD Vance. With a hefty joining fee reportedly as much as $500,000, the club is expected to have up to 200 members and requires more than just money to gain entry. For a start, a spokesperson for the club said, 'You have to know the owners.' They added: 'This is not just for any Saudi businessman,' and that members want a place 'where they're not annoyed.' President Trump's White House crypto czar, tech investor David Sacks, says that Executive Branch differs from other private clubs in the city in that Washington insiders will not be welcome and members won't have to worry 'that the next person over at the bar is a fake news reporter or even a lobbyist' who 'we don't know and we don't trust.' Speaking on his All-In podcast earlier this month, Sacks confirmed a ban on media and said: 'To the extent there are Republican clubs, they tend to be like more Bush-era Republicans as opposed to Trump-era Republicans.' He added: 'So we wanted to create something new, hipper and Trump-aligned.' While other private clubs in the capital tend to be in grand historic buildings, the discreet, almost hidden, location of Executive Branch will also be stylistically different, with the Times reporting that it 'will have what members say is modern décor inspired by Aman New York, a luxurious hotel and private club that opened in 2022.' As to who is expected to frequent the club, in addition to the owners and Sacks, founding members include Jeff Miller, a lobbyist and top Trump fundraiser, and Cameron and Tyler Winklevoss, owners of crypto firm Gemini, until recently subject to a Securities & Exchange Commission investigation no longer being pursued. Will the president stop by? That's somewhat unclear, as while the club has been planned for the utmost discretion, a presidential motorcade is somewhat more obtrusive when navigating one of the District of Columbia's most desirable neighborhoods. During his first term, Trump was able to dine at what was then the Trump International Hotel on Pennsylvania Avenue, a short distance from the White House. This was relatively out in the open, given that it was a functioning public space, accessible to journalists, lobbyists, lawmakers, and other officials. Any visits to a venue as discreet and guarded as Executive Branch would potentially be shrouded in mystery and rife with speculation.
