A-HTRUST acquires Park Hotel Clarke Quay for S$300 million

Ascendas Hospitality Trust sees its potential.

In a release, Park Hotel Group announced that it has entered into a conditional Sale and Purchase Agreement with Ascendas Hospitality Trust (A-HTRUST) on 05 April 2013 to sell Park Hotel Clarke Quay at a purchase price of S$300 million.

The purchase adds to the Ascendas Hospitality Trust's portfolio of 10 hotels geographically diversified across key cities in Australia, People’s Republic of China and Japan.

Mr Allen Law, CEO of Park Hotel Group, said, “Park Hotel Clarke Quay’s strategic location, superior brand 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 with strong stabilised cash flow.”

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

The Hotel consists of 336 guest rooms and suites and is the first green field hotel project by Park Hotel Group. The Group had successfully bid for the site under URA’s land sales program in 2006 for a consideration of S$55.5 million. In a record 15 months construction period, the Hotel was completed 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 Platinum Awards 2011 – 2013” (Regional Series, Best 5 in Asia, Gold Winner), “Best New City Hotel” (21st TTG Travel Awards, 2010) and “Best Hotel Construction & Design" (Singapore: Asia Pacific Property Awards 2010).