BIG Hotel released for sale

The owner of BIG hotel, located at 208 Middle Road, is looking for buyers, announced commercial real estate company Jones Lang LaSalle (JLL) on Wednesday (Sep 17).

Formerly the Prime Centre commercial building, the 308-room boutique hotel first opened in May 2013 after extensive renovations. The 16-storey property includes facilities such as a multi-storey car park, three retail and food & beverage outlets, and a gymnasium.

The hotel is being sold on a leaseback structure with a fixed guaranteed income to be paid to the new buyer of the hotel, according to JLL. The period of the leaseback will be for a minimum of three years. It is flexible and dependent on the buyer’s requirements, JLL said.

The hotel has also achieved occupancy levels of 90 per cent after 12 months, according to JLL.

JLL added that the hotel is being sold with the existing operator in place to manage it under the BIG Hotel brand.

The property will be sold by expressions of interest. Submissions close on Oct 28.

Source : Channel NewsAsia – 17 Sep 2014