OUE Hospitality Trust (OUE H-Trust), which owns Mandarin Orchard Singapore and the adjoining Mandarin Gallery, will buy Crowne Plaza Changi Airport and the Crowne Plaza Changi Airport Extension for a total of S$495 million.
It said on Friday (Nov 28) that conditional agreements have been made to acquire Crowne Plaza Changi Airport for S$290 million, as well as the extension for another S$205 million once the latter is completed.
The seller of the properties is OUE Airport Hotel Pte Ltd – a subsidiary of OUE Ltd, which is the sponsor of OUE H-Trust.
Crowne Plaza Changi Airport is a 320-room hotel situated within the vicinity of the passenger terminals of Changi Airport.
The extension, which is expected to be completed around end-2015, will add 243 hotel rooms to the complex bringing the total number of rooms to 563.
Mr Chong Kee Hiong, CEO of OUE H-Trust’s manager, said the property trust’s asset portfolio will increase from S$1.76 billion to around S$2.25 billion after the transaction is completed.
Source : Channel NewsAsia – 28 Nov 2014