* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, June 10, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    Leading Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote “FOR” Both of PENN Entertainment’s Director Nominees on the WHITE Proxy Card – Business Wire

    Glass Lewis Urges Shareholders to Support All PENN Entertainment Director Nominees on the WHITE Proxy Card

    Cisco Partners with Monumental Sports & Entertainment to Power New D.C. Arena – Cisco Newsroom

    Cisco Teams Up with Monumental Sports & Entertainment to Revolutionize the New D.C. Arena Experience

    Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

    Exciting Updates from the Middle Eastern Entertainment Scene!

    Ceramic Dalmatian Entertainment is WLAF’s Business of the Week – WLAF

    Spotlight on Success: Ceramic Dalmatian Entertainment Shines as This Week’s Featured Business!

    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

    Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    SunHydrogen Unveils Large Hydrogen Reactor in Houston – Fuel Cells Works

    SunHydrogen Launches Groundbreaking Large-Scale Hydrogen Reactor in Houston

    Technology, Labor Rights, and Political Power in Kenya and Across Africa – Tech Policy Press

    How Technology is Shaping Labor Rights and Political Power Across Africa

    Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

    Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    Leading Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote “FOR” Both of PENN Entertainment’s Director Nominees on the WHITE Proxy Card – Business Wire

    Glass Lewis Urges Shareholders to Support All PENN Entertainment Director Nominees on the WHITE Proxy Card

    Cisco Partners with Monumental Sports & Entertainment to Power New D.C. Arena – Cisco Newsroom

    Cisco Teams Up with Monumental Sports & Entertainment to Revolutionize the New D.C. Arena Experience

    Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

    Exciting Updates from the Middle Eastern Entertainment Scene!

    Ceramic Dalmatian Entertainment is WLAF’s Business of the Week – WLAF

    Spotlight on Success: Ceramic Dalmatian Entertainment Shines as This Week’s Featured Business!

    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

    Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

    SunHydrogen Unveils Large Hydrogen Reactor in Houston – Fuel Cells Works

    SunHydrogen Launches Groundbreaking Large-Scale Hydrogen Reactor in Houston

    Technology, Labor Rights, and Political Power in Kenya and Across Africa – Tech Policy Press

    How Technology is Shaping Labor Rights and Political Power Across Africa

    Reeves to Announce £86 Billion for Science and Technology in Spending Review – Bloomberg

    Reeves Set to Unveil Groundbreaking £86 Billion Investment in Science and Technology!

    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Pan Pacific Selling Little India Hotel to Worldwide for $389M in Singapore Record Deal

July 5, 2023
in Technology
Pan Pacific Selling Little India Hotel to Worldwide for $389M in Singapore Record Deal
Share on FacebookShare on Twitter

ParkRoyal on Kitchener

Worldwide is adding the ParkRoyal on Kitchener to its Singapore portfolio

Pan Pacific Hotels Group is selling the Parkroyal on Kitchener Road hotel in Singapore’s Little India neighbourhood for S$525 million ($389 million) in the city-state’s largest hospitality deal ever.

The hospitality arm of Singapore property conglomerate UOL Group said in a regulatory filing late Tuesday that it has entered into a sale and purchase agreement with Midtown Properties, a holding company, to sell the 542-key hotel at 181 Kitchener Road at a 24 percent premium to its book value of S$423 million as of end-2022.

JLL - Equity Advisory banner

Mingtiandi understands that Midtown is a subsidiary of local budget accommodation conglomerate Worldwide Hotels, which started out as a “love hotel” operator and now owns and runs 38 properties across the city-state under six brands including V Hotel and Hotel 81.

Should the parties follow through on the agreement, the Kitchener Road deal will mark the largest single-asset hotel transaction in Singapore’s history and the second biggest in Asia Pacific this year, according to JLL, which brokered the deal. Regional law practice Rajah & Tann Asia (Singapore) acted as legal advisor.

Big Exit in Little India

Pan Pacific is letting go of Parkroyal on Kitchener Road at a price equivalent to S$968,635 per room for the asset located near the Serangoon Road and Farrer Park MRT stations, the latter of which links it directly to the City Square Mall located across the street.

Worldwide Hotels boss Choo Chong Ngen

Worldwide Hotels boss Choo Chong Ngen

Built in the 1980s with 21 floors, the four-star hotel is a few steps away from the Mustafa Centre shopping mall and will mark an asset of a larger scale and higher amenity level compared to the rest of Worldwide’s portfolio, while allowing Pan Pacific to sell off an aging property from its mid-market brand.

“The proposed disposal provides a good opportunity for the group to unlock the value of its investment in PKH at an attractive price, and is part of the group’s reconstitution of its overall property portfolio,” UOL said in the regulatory filing.

With a value of S$83 million on UOL’s books, the group expects to record a S$446.2 million gain from the transaction, which is set to close by 31 October.

Industry sources suggest that Worldwide may opt to operate the hotel outside of its existing stable of brands, which include the Hotel Boss, Hotel Mi, Value Hotel and Venue Hotel in addition to V Hotel and Hotel 81.

Budget Operator Ramps Up

Both Midtown and Worldwide are controlled by the family of Singaporean hotel tycoon Choo Chong Ngen, who started in the textile business before launching his first budget hotel chain in the Geylang red light district in 1995. Choo has since expanded a property empire which made him the 16th richest man in Singapore last year based on Forbes’ rich list.

Outside of Singapore, Worldwide lists nine properties on its website, including the 177-key Oakwood Studios Sukhumvit Bangkok, which it purchased last December, and two other boutique hotels in Thailand; two each in Malaysia and Australia; one in Osaka and another in Seoul.

Worldwide did not issue a statement on the transaction.

“This deal underscores the enduring appeal of Singapore as a safe haven investment destination amidst global macroeconomic uncertainty and its status of one of the most attractive long-term hotel markets globally,” said Nihat Ercan, chief executive officer for Asia Pacific at JLL Hotels and Hospitality Group.

Landmark Sale

With interest rates crimping capital flows, the Singapore hotel market has been dominated over the past year by small- to mid-sized acquisitions for conversion purposes.

In September, local investor LHN Group purchased a pair of boutique hotels for S$36.4 million and has since been converting both the Kampong @ Arab Street hostel in Bugis district and the Pasir Panjang Inn into co-living properties.

PropertyGuru - Asia Property Award, China Banner 780

Earlier in 2022, Hong Kong-based rental housing operator Weave Living led the S$75 million acquisition of Hotel Clover 33 Jalan Sultan through a joint venture with local builder SLB Development. In March that property was reopened as a 65-unit rental apartment location.

In May last year, Vietnam-based Viva Land set a national record price of S$1.8 million per room for the 134-room So/ Singapore hotel on Robinson Road (since renamed as the Hotel Telegraph) from local builder Royal Group.

The five-star hotel was quickly put back on the market for just S$200 million in January as the company, which also has links to a Singaporean entity of the same name, scrambles to dispose of its assets overseas following the arrest of its founder Truong My Lan last October on fraud allegations.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/finance/pan-pacific-selling-singapore-parkroyal-to-worldwide/

Tags: PacificSELLINGtechnology
Previous Post

Hillhouse Identified as Buyer of $232M ESR-Logos REIT Singapore Portfolio

Next Post

How to Differentiate Between Edge, Cloud, and 5G

How the Shallowing of the Caspian Sea Will Affect Kazakhstan’s Ecology and Economy – The Times Of Central Asia

The Disappearing Caspian Sea: Exploring Its Dramatic Effects on Kazakhstan’s Environment and Economy

June 10, 2025
NIH scientists call on director to protect biomedical research – NPR

NIH Scientists Call for Bold Action to Protect the Future of Biomedical Research

June 10, 2025
Commentary: Trump’s NASA cuts would destroy decades of science and wipe out its future – Los Angeles Times

How Trump’s NASA Cuts Could Derail Decades of Scientific Breakthroughs and Jeopardize Our Future

June 10, 2025

Costco Shoppers Are Loving the ‘Refreshing’ New Frozen Summer Treat That Was Just Added to the Food Court Menu – Yahoo

June 10, 2025
How a forgotten tape recorder led to Tunde Adebimpe’s debut album : World Cafe – NPR

How a forgotten tape recorder led to Tunde Adebimpe’s debut album : World Cafe – NPR

June 10, 2025
Spain’s economy to grow at steady rate, central bank predicts – Investing.com

Spain’s Economy Set for Steady Growth, Central Bank Forecasts

June 10, 2025
3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

June 10, 2025

Inside US Health Secretary Kennedy’s Bold Vaccine Strategies and Game-Changing Policy Moves

June 10, 2025
A Professor Was Fired for Her Politics. Is That the Future of Academia? – The New York Times

A Professor Was Fired for Her Politics. Is That the Future of Academia? – The New York Times

June 10, 2025
Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

Study uncovers SiPore Technology’s capacity to regulate blood glucose levels – Nutraceutical Business Review

June 10, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (680)
  • Economy (694)
  • Entertainment (21,599)
  • General (15,313)
  • Health (9,736)
  • Lifestyle (698)
  • News (22,149)
  • People (695)
  • Politics (701)
  • Science (15,912)
  • Sports (21,196)
  • Technology (15,680)
  • World (679)

Recent News

How the Shallowing of the Caspian Sea Will Affect Kazakhstan’s Ecology and Economy – The Times Of Central Asia

The Disappearing Caspian Sea: Exploring Its Dramatic Effects on Kazakhstan’s Environment and Economy

June 10, 2025
NIH scientists call on director to protect biomedical research – NPR

NIH Scientists Call for Bold Action to Protect the Future of Biomedical Research

June 10, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version