SINGAPORE’s CTC Tourism Holdings, owner of one of the city-state’s leading travel agencies CTC Travel, has broadened its holding assets with the S$270 million (US$207 million) acquisition of Park Regis Singapore, a 203-room property in the city centre.
In an exclusive interview with TTG Asia e-Daily, CTC Travel senior vice president, marketing & PR, Alicia Seah, said the property would continue to carry the Park Regis brand under the management of Australia-based StayWell Hospitality Group.
When asked if the management arrangement would be reviewed following the change in ownership, Seah said time was needed to “re-look at the contracts”.
CTC Tourism Holdings’ property takeover also included an adjoining seven-storey office block, which will be renamed CTC Towers.
“Park Regis Singapore will not be our last property acquisition. We have already identified a beautiful site in Taiwan, where we plan to develop an all-villa resort,” Seah added.
The company now has three hotels under its belt. The other two are in Shanghai – @Gallery Suites on Heng Shan Road and Paramount@Gallery Hotel near Jing An Temple. The latter is slated to open in the first quarter of 2012.
The company’s growth plans also include local and regional expansion in inbound tours, corporate travel, MICE and online businesses, as well as acquisition of F&B and other tourism-related projects.