Singapore-based property owner, developer and operator Overseas Union Enterprises (OUE) has acquired LCH Hotels for S$224.5m (US$180m).
As part of the acquisition agreement, OUE is acquiring the 320-room Crowne Plaza Changi Airport hotel for S$250m (US$200m), and an adjacent plot of land for S$33m (US$26m).
Following the acquisition, OUE will develop 200 rooms on the adjacent site for S$37m (US$29m) to offer a total of 520 rooms within the Changi Airport area.
The acquisition has increased OUE Singapore’s hotel room numbers by 31.98% to 2,146 from 1,626 rooms.
OUE currently manages and operates two five star hotels in Singapore, Mandarin Orchard and Marina Mandarin, under its hotel arm Meritus Hotels and Resorts.