Far East Hospitality to take 30% stake in Sentosa hotel project

Far East Hospitality Trust will take a 30 per cent stake in a S$443.8 million hotel project being developed by its parent organisation on the resort island of Sentosa, the hotel real estate investment trust said on Monday.

In March this year, Sentosa Development Corporation awarded a tender for a heritage hotel site at Artillery Avenue, Sentosa to a unit of Far East Organization, the Singapore-based property group that is the manager and sponsor of Far East Hospitality Trust.

Far East Hospitality said the group plans to build two hotels on the 60-year leasehold site that will together have 850 rooms.

Outpost Hotel Sentosa – a new brand under the Far East group – will cater to travellers looking for a stylish upscale product; while Village Hotel Sentosa will be a mid-market offering, similar to other Village hotels run by the group.

The project is scheduled for completion in 2018.

Far East Hospitality Trust owns several hotels and serviced residences in Singapore including the Rendezvous Hotel, the Quincy Hotel as well as the Village hotels at Bugis and Changi.

Source : Channel NewsAsia – 22 Sep 2014

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