Apr 8, 2013
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By Shabnam Muzammil:

The Trust Company (Asia), as trustee of Ascendas Hospitality Real Estate Investment Trust (A-HREIT), has entered into a conditional sale and purchase agreement (SPA) with Parksing Property to acquire Park Hotel Clarke Quay (pictured) located at 1 Unity Street.

The hotel comprises 330 rooms and six suites, and features three meeting venues, F&B outlets and a list of facilities including a business centre, Jacuzzi, spa pavilions, fitness centre and car park.

The acquisition will likely cost S$308.0 million to be funded by debt and equity, inclusive of S$300million purchase consideration, S$3million acquisition fee and S$5 million professional and transaction fees.

“We are excited to add Park Hotel Clarke Quay, a high quality and award-winning hotel, to A-HTRUST’s stable of properties. This marks our first foray into Singapore hospitality market as we capitalise on the continued growth of Singapore’s tourism industry,” commented Tan Juay Hiang, CEO of Ascendas Hospitality Fund Management Pte Ltd and Ascendas Hospitality Trust Management Pte Ltd, the manager of A-HTRUST.

Meanwhile, the hotel will initially be leased to Park Hotel CQ for a 10-year period.

 

Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@propertyguru.com.sg

 

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