Mainboard-listed Straits Trading Company has acquired the Rendezvous Grand Hotel Melbourne for S$79.3 million.
The company said this latest acquisition will add to its Rendezvous Hospitality Group portfolio.
It will also strengthen and expand its footprint in the Asia Pacific region amid growth in travel and tourism.
Mr Eric Teng, Straits Trading’s Chief Executive Officer (Property & Hospitality) said in a statement that “Australia’s tourism market is growing and the Australians embody a very warm and friendly culture, which further enhances the attraction of the country.”
He added “this is evident in the number of foreign investment groups that has increased in the country over the past few years.”
Straits Trading’s Rendezvous Hospitality Group owns two hotels in Perth and the flagship Rendezvous Grand Hotel Singapore located at Bras Basah Road.
It also leases and manages 10 other hotels in several cities in Australia, New Zealand and Shanghai.
Source : Channel NewsAsia – 12 Jul 2012