Park Hotel Farrer Park up for sale
By Angela Teo
/ The Edge Property |
RB Capital has put Park Hotel Farrer Park (below) up for sale by global expression of interest (EOI), says appointed exclusive marketing agent JLL Hotels & Hospitality Group.
RB Capital says it is considering the sale of the hotel because it has received unsolicited offers from several local and international investors who are seeking to enter the Singapore hospitality scene.
The 300-unit Park Hotel Farrer Park opened in May 2017. It is part of the Farrer Square mixed-used project, which also comprises 42 specialist medical suites as well as retail space. The hotel was recently valued at $390 million, or $1.3 million per key, says Kishin R K, CEO of RB Capital.
Source: Park Hotel Group
The 300-room Park Hotel Farrer Park is on the market. It was recently valued at $390 million, or $1.3 million per key
The hotel is available for sale with vacant possession, or with a hotel management contract with existing operator Park Hotel Group.
Nihat Ercan, managing director for investment sales Asia at JLL Hotels & Hospitality Group, expects the property to be sought-after. “Hotels with vacant possession are rarely offered for sale,” he says. “There is pent-up demand in the local hotel market, which has seen few transactions since 2013.” JLL Hotels & Hospitality Group is the sole adviser for RB Capital, the owner and developer of the Farrer Square development.
Located in the revitalised Farrer Park area, the property is linked to the Farrer Park MRT station and across the road from Connexion, an integrated healthcare and hospitality development. Park Hotel Farrer Park is therefore ideally situated to target medical, corporate and leisure tourists, says JLL Hotels & Hospitality Group. The property is also within a few MRT stops of Orchard Road, Marina Bay and the CBD.
In addition to Park Hotel Farrer Park, RB Capital’s portfolio of hotel assets include the 442-room Holiday Inn Express Clarke Quay and the 225-room InterContinental Singapore Robertson Quay, which is targeted to open in September or October.
This article appeared in The Edge Property Pullout, Issue 788 (July 17, 2017) of The Edge Singapore.
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