UOL Group’s subsidiary Pan Pacific Hotels Group has agreed to sell its PARKROYAL on Kitchener Road in Singapore to Midtown Properties, which is owned by Choo Chong Ngen, for S$525m ($388.28m).
Located near Little India, off Serangoon Road, PARKROYAL on Kitchener Road features 542 rooms and suites, including superior, deluxe, family rooms and executive and orchid suites.
Other facilities at the hotel include a fitness centre, an outdoor pool and a children’s pool, an executive lounge, a hospitality lounge and parking facilities.
The hotel also includes two restaurants: Spice Brasserie and Si Chuan Dou Hua Restaurant.
The nearby tourist attractions include Singapore Art Museum, Abdul Gaffoor Mosque, Singapore Sports Hub, Mustafa Centre, City Square Mall and Indian Heritage Centre.
UOL was quoted saying by Forbes: “The proposed disposal provides a good opportunity for the group to unlock the value of its investment in PARKROYAL Kitchener Hotel at an attractive price and is part of the group's reconstitution of its overall property portfolio.”
The Worldwide Hotels of Choo Chong Ngen manages six brands: Venue Hotel, Hotel Mi, Value Hotel, Hotel Boss, V Hotel and Hotel 81, with more than 38 properties in locations across Singapore.
In May this year, Pan Pacific Hotels Group opened Bellustar Tokyo, a Pan Pacific Hotel and Hotel Groove Shinjuku, a PARKROYAL Hotel, in the district of Shinjuku in Tokyo, Japan.
