* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, June 7, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Entertainment lineup released for 2025 Mississippi State Fair – WAPT

    Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

    After Denzel Washington Said He Would Be In Black Panther 3, Ryan Coogler Explained Why He’s ‘Fine’ With That Information Being Revealed So Early – Yahoo

    Ryan Coogler Shares Why He’s Cool with Denzel Washington’s Black Panther 3 Reveal!

    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

    9 things to do this weekend in Lake County plus a look ahead – Leesburg Daily Commercial

    Discover 9 Exciting Weekend Adventures in Lake County and What’s Coming Up!

    Shows to Watch – The Advocate

    Must-See Shows You Can’t Miss!

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

  • 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
    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    U.S. FDA Grants Platform Technology Designation to the Viral Vector Used in SRP-9003, Sarepta’s Investigational Gene Therapy for the Treatment of Limb Girdle Muscular Dystrophy Type 2E/R4 – Sarepta Therapeutics

    Breakthrough for Gene Therapy: FDA Designates Viral Vector in Sarepta’s SRP-9003 for Limb Girdle Muscular Dystrophy Treatment

    Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, UBS Group Analyst Says – MarketBeat

    UBS Analyst Predicts Surge in Micron Technology Stock Price!

    Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

    Domo Set to Shine at the D.A. Davidson Technology Summit!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Entertainment lineup released for 2025 Mississippi State Fair – WAPT

    Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

    After Denzel Washington Said He Would Be In Black Panther 3, Ryan Coogler Explained Why He’s ‘Fine’ With That Information Being Revealed So Early – Yahoo

    Ryan Coogler Shares Why He’s Cool with Denzel Washington’s Black Panther 3 Reveal!

    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

    9 things to do this weekend in Lake County plus a look ahead – Leesburg Daily Commercial

    Discover 9 Exciting Weekend Adventures in Lake County and What’s Coming Up!

    Shows to Watch – The Advocate

    Must-See Shows You Can’t Miss!

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

    Fox News Entertainment Newsletter: Celebrities mentioned during Diddy’s high-profile sex trafficking trial – Fox News

  • 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
    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    U.S. FDA Grants Platform Technology Designation to the Viral Vector Used in SRP-9003, Sarepta’s Investigational Gene Therapy for the Treatment of Limb Girdle Muscular Dystrophy Type 2E/R4 – Sarepta Therapeutics

    Breakthrough for Gene Therapy: FDA Designates Viral Vector in Sarepta’s SRP-9003 for Limb Girdle Muscular Dystrophy Treatment

    Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, UBS Group Analyst Says – MarketBeat

    UBS Analyst Predicts Surge in Micron Technology Stock Price!

    Domo to Participate in the D.A. Davidson Technology Summit – Business Wire

    Domo Set to Shine at the D.A. Davidson Technology Summit!

    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

Drought expanded to 19 more watersheds – Washington State Department of Ecology (.gov)

Severe Drought Worsens: 19 Additional Watersheds Affected!

June 7, 2025
CULT Food Science Closes Debt Settlement – TradingView

CULT Food Science Closes Debt Settlement – TradingView

June 7, 2025
Harmony Public Schools’ science-focused campus to open soon at City Place – Community Impact

Harmony Public Schools’ science-focused campus to open soon at City Place – Community Impact

June 7, 2025
Ladies Lifestyle Network cuts ribbon – haysfreepress.com

Ladies Lifestyle Network cuts ribbon – haysfreepress.com

June 7, 2025
Watch fans celebrate as Uzbekistan secures debut World Cup qualification – CNN

Watch fans celebrate as Uzbekistan secures debut World Cup qualification – CNN

June 7, 2025
Dollar advances against peers after strong US economic data – Reuters

Dollar advances against peers after strong US economic data – Reuters

June 7, 2025
Entertainment lineup released for 2025 Mississippi State Fair – WAPT

Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

June 7, 2025
Water-cleaning bacteria can produce health, economic benefits – ASU News

Revolutionary Water-Cleaning Bacteria: Unlocking Health and Economic Benefits!

June 7, 2025
The end of the affair? – The Economist

Is This the Final Chapter of Their Love Story

June 7, 2025
Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

June 7, 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 (673)
  • Economy (687)
  • Entertainment (21,593)
  • General (15,267)
  • Health (9,728)
  • Lifestyle (690)
  • News (22,149)
  • People (688)
  • Politics (694)
  • Science (15,905)
  • Sports (21,190)
  • Technology (15,672)
  • World (672)

Recent News

Drought expanded to 19 more watersheds – Washington State Department of Ecology (.gov)

Severe Drought Worsens: 19 Additional Watersheds Affected!

June 7, 2025
CULT Food Science Closes Debt Settlement – TradingView

CULT Food Science Closes Debt Settlement – TradingView

June 7, 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