Pan Pacific Hotels Group, the hospitality arm of Singapore property conglomerate UOL Group, has reached an agreement to sell the Parkroyal on Kitchener Road hotel in Singapore’s Little India for S$525 million (US$389 million).
This transaction marks the largest single-asset hotel deal in Singapore and the second-largest in the Asia-Pacific region for 2023, according to real estate services company JLL.
The buyer is Worldwide Hotels Group, Singapore’s largest hotel company owned by tycoon Choo Chong Ngen. The group currently owns six hotel brands, namely Hotel Mi, Hotel Boss, V Hotel, Value Hotel, Venue Hotel, and Hotel 81, with 38 properties and over 6,500 rooms across Singapore.
The acquisition of the latest property, comprising the 542-key hotel in the Little India precinct, as well as the New Park Shopping Arcade, presents a unique opportunity for Worldwide Hotels Group to further strengthen its presence in Singapore.
"We are thrilled to add this property to our family," said Carolyn Choo, CEO of Worldwide Hotels Group. "This acquisition aligns perfectly with our growth strategy and allows us to expand our commitment to deliver guest experiences with exceptional value and thoughtful customer service in strategic locations."
The Parkroyal on Kitchener Hotel will be rebranded and relaunched when the takeover completes in Q4 2023.
This new addition will further expand Worldwide Hotels Group's portfolio to 41 properties in Singapore, including two new hotels slated to open in Q4 2023.
Worldwide Hotels Group also owns 10 hotels in Japan, South Korea, Australia, Thailand, and Malaysia, which are run by external operators such as Oakwood, Holiday Inn, Ibis, Swiss Garden, Novotel and Travelodge.