OUE, Tokyo Century to buy Crowne Plaza Hotel in Singapore Changi Airport for $385.4 million
International news
Singapore real estate firm OUE (OVES.SI), opens new tab said on Thursday it would buy Crowne Plaza Changi Airport for S$500 million ($385.42 million) in association with Tokyo Century (8439.T), opens new tab, marking their second hotel collaboration in the city-state's airport.
The OUE-Tokyo Century joint venture will purchase the hotel from OUE REIT (OUEI.SI), opens new tab, which is managed by OUE.
OUE and Japanese investment firm Tokyo Century have already agreed to jointly develop the Hotel Indigo Changi Airport.
OUE said the deal remains subject to approval of Changi Airport Group and OUE REIT unitholders.
The 575-room hotel is operated by IHG Hotels & Resorts and is located at Terminal 3 of Changi Airport.
In a separate statement, OUE REIT said S$20.0 million of net cash proceeds would be distributed evenly to unitholders over the first two years following the completion of the proposed deal.
($1 = 1.2973 Singapore dollars)
By Reuters