Far East Hospitality pours €107.1m in its first hotel acquisitions in Europe

It now has a 50% stake in four hotels.

Far East Orchard Limited‘s (FEOrchard) hospitality arm, Far East Hospitality Holdings Pte Ltd (Far East Hospitality) has today, acquired 50% interests in a portfolio of property companies which own four hotel properties in Europe. This is a move that will boost income and expands FEOrchard‘s footprint in the hospitality ownership business into the European market.

Together with its joint venture partner Toga Group, Far East Hospitality will jointly acquire interests in a portfolio of companies from Toga Accommodation Fund (TAF) (TAF Property Companies).

In addition, Far East Hospitality will purchase a 50% interest in a separate portfolio of companies from Toga Group (Toga Property Companies).

TAF Property Companies holds three hotels, namely Adina Apartment Hotel Berlin Checkpoint Charlie, Adina Apartment Hotel Frankfurt Neue Oper, and Adina Apartment Hotel Copenhagen. Companies hold one hotel, the Adina Apartment Hotel Berlin Hauptbahnhof.

The four hotels, located in Berlin and Frankfurt, Germany and Copenhagen, Denmark, have been independently valued with an aggregate valuation of approximately €107.1 million.

Chief Executive Officer for Far East Hospitality, Mr Arthur Kiong, said: “The acquisition of these four hotels in Germany and Denmark will further strengthen our foothold in Europe and sets the platform for us to pursue more opportunities for the Group in the future. We are optimistic of Europe‘s ability to attract tourist arrivals globally as Europe remains the world‘s largest tourism region. “