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Ascendas Hospitality Real Estate Investment Trust (A-HREIT) and Ascendas Hospitality Business Trust (A-HTRUST) have successfully acquired Park Hotel Clarke Quay (pictured) from Parksing Property, a member of the Park Hotel Group.
Located along the Singapore River, the 336-room hotel comprises 330 guest rooms and six suites. It also offers amenities such as two F&B outlets, a restaurant, poolside bar and grill, as well as 167 sq m of meeting room space.
Following the S$30 million sale, Park Hotel Group will remain as the hotel operator under a 10-year master lease, with the option to extend for another five years.
“The acquisition of Park Hotel Clarke Quay will enhance the geographical diversification of A-HTRUST’s overall portfolio of quality assets. It also reduces our exposure to foreign exchange risks and improves the currency alignment of A-HTRUST’s cash flows vis-à-vis its distributions,” said Tan Juay Hiang, Chief Executive Officer of Ascendas Hospitality Fund Management and Ascendas Hospitality Trust Management.
“We believe that Park Hotel Clarke Quay’s stable master lease structure with high fixed rent component will contribute significantly to the stability of A-HTRUST’s cash flows,” he added.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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