Jones Lang LaSalle offers Crowne Plaza Changi Airport Hotel for sale

The 320-room hotel is being sold with the benefit of a long term management agreement with InterContinental Hotels Group under their Crowne Plaza brand.

According to Jones Lang LaSalle, the sale of its interest by international tender was launched yesterday.

"The hotel is expected to receive strong interest from a diverse cross sector of both regional as well as global investors", said Mike Batchelor, Managing Director Investment Sales Jones Lang LaSalle Hotels.

"With a robust economy and positive outlook for the tourism sector, Singapore is one of the most desired hotel investment markets in the region."

Mr. Tom Oakden, Senior Vice President Investment Sales Jones Lang LaSalle Hotels said, “Hotel investment volumes in Asia continue to recover strongly as the number of investors outstrip the supply of opportunities and in particular, gateway cities such as Singapore. With a tightly held hotel market in Singapore, on average, only one internationally branded hotel has been offered for sale each year over the past 10 years. The profile of investors of most of Singapore’s key hotels remains local families, family-controlled public companies or foreign owned sovereign wealth funds that typically hold assets for extended periods of time.”