FAR East Organization is aggressively expanding in the hospitality sector, as it looks to snap up The Straits Trading Company’s (STC) hotel business, including some of its assets.
Subsidiary Far East Orchard (FEOrchard) has signed a non-binding MoU with STC to acquire its hospitality management business, including trademark rights to the Rendezvous and Marque hotel brands.
Under the agreement, FEOrchard will also seek a 50 per cent interest in three STC hotels in Australia – Rendezvous Studio Hotel Perth Central, Rendezvous Grand Hotel Melbourne and Rendezvous Hotel Perth.
If the deal is successful, STC will hold 20 per cent of the share capital of FEOrchard’s enlarged hospitality management company. The expanded portfolio will boast of over 30 hotels and service residences under five brands, and more than 6,000 rooms under management across Australia, New Zealand, China, Malaysia and Singapore.
Separately, Far East Hospitality Trust and Astor Properties, a member of Far East Organization, have also entered into a non-binding MoU with STC to acquire Rendezvous Grand Hotel Singapore and its retail wing Rendezvous Gallery Singapore.
Meanwhile, Far East Hospitality also announced today that its newest property, the 229-room East Village Hotel, would open on March 1, 2013.
