OUE Hospitality Trust (OUE H-Trust) has signed an agreement to acquire Crowne Plaza Changi Airport (CPCA) hotel and its adjacent extension from OUE Airport Hotel (OUEAH), a subsidiary of the sponsor OUE, for around $495m.
OUE H-Trust has entered conditional agreements to acquire CPCA for $290m and the Crowne Plaza Changi Airport Extension (CPEX) for $205m.
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Based in Singapore, the 320-room hotel is in the vicinity of the passenger terminals of Changi Airport that commenced operations in May 2008.
CPEX is currently being is an adjacent rooms-only extension to CPCA connected by a link-way on the second floor of both buildings.
The extension will add 243 hotel rooms to the integrated complex, bringing the total number of rooms to 563, while its construction is expected to be complete by the end of 2015.
InterContinental Hotels Group manages the nine-storey business hotel CPCA, which is designed by the architectural firm WOHA.
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The hotel features a total gross floor area of around 336,894ft², as well as four food and beverage outlets and eight meeting rooms, including a ballroom.
OUE Hospitality REIT Management chairman and OUE H-REIT manager Christopher Williams said: "The acquisition of Crowne Plaza Changi Airport and its extension presents a great opportunity for OUE H-Trust to add another quality asset to its portfolio.
"Crowne Plaza Changi Airport was voted one of the World’s Best Airport Hotels at the Skytrax World Airport Awards 2014. Its connectivity to the passenger terminals of Changi Airport enables the hotel to tap the passenger traffic going through the world’s sixth busiest airport for international travel."
OUE H-Trust said that the acquisition will be completed in two phases with the purchase price for each phase agreed upfront in order to have greater clarity on the potential returns of the combined hotel property.
