News
 International
 National
 Embassy News
 Arts & Living
 Business
 Travel & Hotel
 Medical Tourism New
 Taekwondo
 Media
 Letters to Editor
 Photo Gallery
 Cartoons/Comics/Humor
 News Media Link
 TV Schedule Link
 News English
 Life
 Hospitals & Clinics
 Flea Market
 Moving & Packaging
 Religious Service
 Korean Classes
 Korean Weather
 Housing
 Real Estate
 Home Stay
 Room Mate
 Job
 English Teaching
 Translation/Writing
 Job Offered/Wanted
 Business
 Hotel Lounge
 Foreign Exchanges
 Korean Stock
 Business Center
 PR & Ads
 Entertainment
 Arts & Performances
 Restaurants & Bars
 Tour & Travel
 Shopping Guide
 Community
 Foreign Missions
 Community Groups
 PenPal/Friendship
 Volunteers
 Foreign Workers
 Useful Services
 ST Banner Exchange
  Travel
Park Hotel Clarke Quay Fetches S$300 Million
Park Hotel Group

Singapore — Park Hotel Group (the “Group”) is pleased to announce that it hasentered into a conditional Sale and Purchase Agreement with Ascendas Hospitality Trust (“AHTRUST”)on April 5, 2013 to sell Park Hotel Clarke Quay (the “Hotel”), at a purchase price of S$300 million.

Park Hotel Clarke Quay is an award-winning hotel in the vibrant Clarke Quay area, situated on aprominent site along the bank of the Singapore River and strategically located near RobertsonQuay, the Central Business District, Orchard Road, Marina Bay, the Civic District and Chinatown. Italso enjoys excellent transport connectivity with proximity to the Clark Quay MRT station and thefuture Fort Canning MRT station.

The Hotel consists of 336 guest rooms and suites and is the first green field hotel project by ParkHotel Group. The Group had successfully bid for the site under URA’s land sales program in 2006for a consideration of S$55.5 million. In a record 15 months construction period, the Hotel wascompleted and commenced operation in 2009.

Since it commenced operation, the Hotel has won numerous awards and accolades, including“Best Hotel, Singapore – Highly Commended” (International Hotel Awards Asia Pacific, 2012),“Certificate of Excellence” (TripAdvisor, 2012), “Signature Deluxe Hotel: Hospitality Asia PlatinumAwards 2011 – 2013” (Regional Series, Best 5 in Asia, Gold Winner), “Best New City Hotel” (21stTTG Travel Awards, 2010) and “Best Hotel Construction & Design" (Singapore: Asia PacificProperty Awards 2010).

Ascendas Hospitality Trust (“A-HTRUST”) is a Pan-Asian hospitality trust listed on the SingaporeExchange, with a high quality portfolio of 10 hotels geographically diversified across key cities inAustralia, People’s Republic of China and Japan.

Mr Allen Law, CEO of Park Hotel Group, said, “Park Hotel Clarke Quay’s strategic location, superiorbrand positioning, and efficient management has resulted in a strong operational performance.The sale underpins the strong investor demand and appeal that exists for quality assets withstrong stabilised cash flow.”

The deal was also completed with the benefit of a 10 year master lease agreement back to ParkHotel CQ Pte. Ltd and the Hotel will continue to be operated by Park Hotel Group as the ParkHotel Clarke Quay. The sale and leaseback is the first for the Group. The Group continues to ownand operate 7 other Park-branded hotels in Singapore, China, Hong Kong and Japan.

Two other hotels are due to open in Singapore in 2015, namely Park Hotel Alexandra and Park Hotel FarrerPark, are going to be managed on behalf of third party owners.

Mr Tan Juay Hiang, Chief Executive Officer of A-HTRUST, said, “A-HTRUST is excited to add Park Hotel Clarke Quay as the first Singapore asset in our portfolio of high quality hotels. It also marks the beginningof a new lessee relationship with Park Hotel Group, a reputable hotel operator with a regional network andproven track record.”

Park Hotel Group

Park Hotel Group is one of Asia Pacific’s best hospitality groups. The Group manages, owns and developsPark branded hotels around the Asia Pacific.

Established since 1961, Park Hotel Group grew rapidly fromits first hotel in Hong Kong to the current portfolio of ten properties across three countries and six cities in the region, with access to over 3,300 rooms. Committed to delivering exceptional service with love and passion, the acclaimed Park Hotel Group has established a track record of operating successful hotels.

As it strives to be a world-renowned brand inhospitality, Park Hotel Group continues to focus on its footprint expansion through acquisitions and hotelmanagement services.

Park branded hotels include the luxury Grand Park and the upscale Park Hotel.Grand Park is a luxury hotel brand synonymous with premium accommodation, facilities, service andcomfort designed for discerning business and leisure travellers.

Grand Park hotels can be found in Singapore, China and Japan. Park Hotel is an upscale hotel brand symbolising utmost convenience, personalised services and high standards of amenities carefully crafted to please business and leisure travellers.

For more information on Park Hotel Group, please log on to parkhotelgroup.com

For media enquiries or images, please contact:Wong Yin Yin (Ms)Director of Marketing CommunicationsPark Hotel GroupTel: +65 6593 6970Mobile: +65 9185 9531E-mail: yinyin.wong@parkhotelgroup.com




 

back

 

 

 

The Seoul Times Shinheungro 25-gil 2-6 Yongsan-gu, Seoul, Korea 04337 (ZC)
Office: 82-10-6606-6188 Email:seoultimes@gmail.com
Copyrights 2000 The Seoul Times Company  ST Banner Exchange