Far East Hospitality, the hospitality arm of Far East Organization, is to refurbish and rename the newly acquired Paramount Hotel in Singapore as the East Village Hotel.

The 229-room Paramount Hotel & Shopping Centre in the neighbourhood of Marine Parade was sold to Far East Organization unit Orchard Mall for S$214m ($165m).

Far East Organization will take official ownership of the hotel and shopping arcade in February 2012.

Upgrade and refurbishment works will be complete by the end of 2012.