JONES Lang LaSalle is selling the Crowne Plaza Changi Airport hotel in Singapore. The sale of its interest in the property by international tender was launched yesterday.
Jones Lang LaSalle Hotels’ managing director investment sales, Mike Batchelor, who is leading the sales process, said: “The hotel is expected to receive strong interest from a diverse cross sector of both regional, as well as global investors.”
The 320-room Crowne Plaza Changi Airport, which opened in 2008 as part of Singapore Changi Airport’s Terminal 3, is being sold with the benefit of a long-term management agreement with InterContinental Hotels Group under their Crowne Plaza brand.
Jones Lang LaSalle Hotels’ senior vice president investment sales, Tom Oakden, said: “The profile of investors of most of Singapore’s key hotels remains local families, family-controlled public companies or foreign-owned sovereign wealth funds that typically hold assets for extended periods of time.”
“With a tightly-held hotel market in Singapore, on average, only one internationally branded hotel has been offered for sale each year over the past 10 years.”
