Hong Kong billionaire Law Kar Po’s Park Hotel Group said on Friday it sold one of its Singapore hotels for S$300 million, or about $242 million.
The Singapore Skyline (Photo credit: Wikipedia)
The Park Hotel Clarke Quay was bought by the Ascendas Hospitality Trust, a Singapore-listed, pan-Asia trust. The 336-room hotel was a green field project built on land purchased by the Park Hotel Group for S$55.5 million in 2006. The Park Hotel Group will lease the site under a 10-year agreement, and will also operate the hotel as the Park Hotel Clarke Quay.
The Park Hotel Group owns and operates seven other Park-branded hotels in Asia, and will open another two in Singapore in 2015 on behalf of third-party owners.
Law, a canny investor who also has also done well with a Park Hotel Group Hong Kong site purchased during the 2003 SARS crisis, ranked No. 18 on the 2013 Forbes Hong Kong Rich List published in January with wealth of $2.6 billion. (Click here for the full list.) Strong hotel business added to the wealth of many of Hong Kong’s richest last year. (See related story here.)
U.S.-based hotel businesses such as Starwood and Hyatt have been targeting Asia’s relatively fast-growing economies for growth.
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Hong Kong Billionaire Law Kar Po"s Park Hotel Group Sells Singapore Property ...
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