Oxley accepts LOI from buyer of Mercure and Novotel hotels on Stevens Road

By Samantha Chiew / The Edge Singapore | January 11, 2019 12:14 PM SGT
SINGAPORE (Jan 10): Oxley announced that its wholly-owned subsidiary, Oxley Gem, has accepted a letter of intent (LOI) today for the purchase of Mercure and Novotel hotels located at 28 and 30 Stevens Road for a total consideration of $950 million.
The LOI is intended to be non-binding and is subject to the parties entering into a definitive sale and purchase agreement.
Under the terms of the LOI, upon receipt of the sum of $9.5 million, or 1% of the consideration, by Oxley Gem, the purchaser shall be entitled to carry out property due diligence during the period up to Apr 15.
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