Paramount Hotel will be renamed as East Village Hotel, following the completion of its sale to Far East Organisation.
Far East Hospitality had bought the building together with the adjoining shopping centre for S$214 million in a collective sale.
The sale was first announced last November.
Far East said it is expected to take official ownership of the hotel and shopping arcade in February 2012.
Renovations will then be completed by the end of next year.
The freehold property sits along Marine Parade and East Coast Road.
The site is more than 102,000 square feet in area, and currently has 229 hotel rooms and an arcade housing 95 shops.
The site is zoned for hotel use and has a gross plot ratio of up to three, which could allow up to 460 hotel rooms to be built.
It may be redeveloped to include elements of commercial and residential use.
Jones Lang LaSalle national director Quek Soh Hoon said: “This is a first collective sale involving a hotel component and the successful completion of the subject site demonstrates the continued desire for local developers to secure strategically well located sites with established amenities for investment.”
According to Tom Oakden, executive vice-president of Jones Lang LaSalle Hotels, Singapore’s hotel market continues to perform strongly in parallel with increasing levels of international visitor arrivals.
The new owner will be able to capitalise on this rising trend.
Far East Hospitality COO Raphael Saw said: “We are investing in refurbishment to take the hotel to new heights.
“East Village Hotel will have its own unique brand of hospitality that draws on the Peranakan heritage of its locale.
“We look forward to offering guests an enhanced and enriched experience, and to infusing new energy and excitement into the area.”
Source : Channel NewsAsia – 4 Oct 2011