ORCHID Hotel Singapore has been put up for sale by exclusive agent Jones Lang LaSalle Hotels.
Located in the Tanjong Pagar area, the new-built 272-key property is being offered with the advantage of vacant possession of brand and management.
Tom Oakden, executive vice president of Investment Sales Jones Lang LaSalle Hotels, said: “The sale of Orchid Hotel is a rare and exciting opportunity for an owner operator or investor to acquire and re-brand a significant hotel asset in the heart of Singapore.”
According to Oakden, the last hotel sold by Jones Lang LaSalle Hotels in the open market in Singapore with vacant possession was the Crown at Orchard in 2005.
“The Orchid Hotel will certainly appeal to a much wider audience of buyers than we have seen for encumbered assets, as has been the type of sale that has dominated the Singapore hotel investment market in recent times, with sales such as Crowne Plaza Changi Airport (TTG Asia e-Daily, April 7), Park Regis and ibis Bencoolen,” he said.
Jones Lang LaSalle Hotels is conducting a two-stage sale process with Expressions of Interest being requested in early November.
