Tuesday 16 April 2013

Far East H-Trust to acquire Rendezvous Grand Hotel Singapore for $264.3m


Includes retail centre Rendezvous Gallery.



Far East Hospitality Trust (Far East H-Trust) announced that it has entered into a sale and purchase agreement with The Straits Trading Company Limited (STC) to acquire Rendezvous Grand Hotel Singapore and Rendezvous Gallery (together, the Property) for S$264.3 million. This is Far East H-Trust’s first acquisition since its initial public offering in August 2012.



The Property is located in the heart of Singapore’s commercial and cultural district at 9 Bras Basah Road. The hotel, which is in close proximity to the central business district and Orchard Road, serves both business and leisure travellers.



Located within walking distance to the Dhoby Ghaut, City Hall and Bras Basah MRT stations and the future Bencoolen MRT station, the Property underwent a major refurbishment programme of its guest rooms and public areas between 2011 and 2012. Today, its 298 hotel rooms and suites are equipped with state-of-the-art amenities and custom-designed furniture catering to the needs of business and leisure travellers. The refurbishment programme also created the new retail wing, Rendezvous Gallery, which has three levels of retail space dedicated to food and beverage outlets with a net floor area of 2,295 square metres.



Mr Gerald Lee, Chief Executive Officer of FEO Hospitality Asset Management Pte. Ltd., said “We are pleased that STC elected to divest this attractive hotel to us. This acquisition will further strengthen our portfolio of quality hospitality assets in Singapore. It will enable us to benefit from greater economies of scale and broaden our earnings base, as well as favourably enhance our portfolio exposure to the growing hospitality market.”

This acquisition is expected to be yield accretive. Details of the expected higher distribution per stapled security, together with the relevant assumptions, will be set out in the Circular (as defined below).



The purchase consideration for the Property, together with other transaction-related expenses, will be financed by the proposed issue of new stapled securities in Far East H-Trust to STC, the Sponsor, as well as debt facilities.



Far East Hospitality Real Estate Investment Trust (Far East H-REIT) will acquire a leasehold interest of 70 years in the Property, while Serene Land Pte Ltd, a member of the Sponsor will acquire the reversionary interest for the remaining leasehold period of approximately 10 years.

Far East H-REIT will also enter into a separate master lease agreement with Serene Land Pte Ltd to grant a master lease of the hotel component to Serene Land Pte Ltd for an initial term of 20 years with an option for a further 20 years (the Master Lease).



The grant of the Master Lease and the placement of new stapled securities to STC and the Sponsor are subject to the approval of stapled securityholders at an extraordinary general meeting (EGM) to be convened.



A circular is expected to be issued to stapled securityholders (the Circular) in due course, together with a notice of the EGM to be held.  



Far East H-Trust to acquire Rendezvous Grand Hotel Singapore for $264.3m

Monday 15 April 2013

Dorsett Singapore Hotel and Residences is Southeast Asia"s First New-Built ... - eco

SINGAPORE, 12 APRIL 2013 — With the expertise of lighting consultants EcoLight Design Consultants (EDC), Dorsett Singapore Hotel and Residences becomes the first new-built hotel in Southeast Asia to be lit by more than 95% LED lights.  Owned and managed by Hong Kong-based Dorsett Hospitality International, Dorsett Singapore is part of a collection of contemporary hotels with sister hotels in cities such as Hong Kong, Shanghai, Kuala Lumpur, and London.


The extensive use of energy efficient lighting technologies enabled Dorsett Singapore Hotel and Residences to reduce its lighting power consumption by over 45% as compared to the use of conventional lighting technologies such as fluorescent, incandescent and halogen.  With over 50% of the lights operating 24 hours a day, the savings from the reduced power consumption translates into substantial operational cost savings.  As LED lights have a lifespan of up to 50,000 hours, maintenance costs are also significantly reduced with longer re-lamping cycles.


“With the evolution, development, and increasing stability of LED lights, LED lamps are becoming progressively adaptable across multiple applications.  As such, the many unique lighting requirements of the different areas in and around the hotel can be fulfilled by through LED lighting technology,” said Mr. Ong Wei Ping, Executive Director of EcoLight Design Consultants.


On the viability on the extensive use of LED lights for this hotel property, “We have made our projections and believe that the overall savings from the operating costs of the property far outweigh any initial upfront cost of implementing energy efficient technologies,” said Mr Phillip Wong, the hotel’s general manager.


A progressive green lighting design consultancy, EDC incorporates cutting edge energy efficient lighting technologies in its lighting design.  Dorsett Singapore is also the first hotel in Southeast Asia to incorporate the use of Plasma lighting technology.  An energy efficient lighting technology with a powerful and long light throw, a single 1,000W plasma lamp consistently and evenly illuminates one entire face of the 10-storey hotel’s building façade.  Conventional lighting design would have relied on 3 to 4 units of Metal Halide lamps to achieve a similar level of lighting.  However, even then the quality of illumination would not have been the same.


Working closely with IEQ Global Pte Ltd, a leading manufacturer of energy efficient lights based both in Malaysia and Singapore, leading-edge lighting technologies were provided based on EDC’s lighting design concepts to help achieve the desired results.  IEQ Global works with two leading plasma brands to develop lighting applications for use across Southeast Asia.


To achieve both the practical and aesthetic requirements of the hotel, EDC moves beyond just the functional with lighting design that serves to complement architectural and interior design intent.  Located in the historic district within Singapore’s CBD, key lighting features include specially programmed LED lights on the façade with subtle animation and seamless LED cove lighting in the corridors and guestrooms that provide a consistently even light source, while generating minimal amounts of ambient heat.


About IEQ Global


IEQ Global is a premier Green Solutions provider. IEQ designs, manufactures and supplies energy efficient lamps based on stringent global and local standards, including the highest international TÜV and IEC standards by TÜV SÜD PSB in Singapore. IEQ IntelliNRGTM lamps incorporate a wide array of light sources and technologies, such as LED, Induction and Plasma. Energy efficient and proven to offer lower operational costs in comparison to conventional lighting technologies, IEQ IntelliNRGTM lamps surpasses market equivalents in performance, price and environmental friendliness. With operational hubs and partners worldwide, including Australia, Germany, Indonesia, Japan, Malaysia, Micronesia, Russia, Singapore and the USA, we have a portfolio of satisfied IEQ clients from the commercial, industrial and government sectors.


About EcoLight Design Consultants


EcoLight Design Consultants (EDC) is the region’s premier green lighting design consultancy that advocates the use of environmentally friendly and energy saving light sources as alternatives to conventional sources.  With a successful and comprehensive portfolio that includes residential, commercial and industrial projects as well as a dedication to the EDC design philosophy, EDC firmly believes that aesthetics and environmental conservation can co-exist in the pursuit of a Greener tomorrow.  EDC provides a broad spectrum of aesthetic designs, technical computation and simulation services for lighting projects to help achieve various objectives including aesthetic appearance, installation and operational cost management as well as meeting government standards.


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Dorsett Singapore Hotel and Residences is Southeast Asia"s First New-Built ... - eco