PARK Hotel Group has announced the impending sale of its wholly own subsidiary, New Park Property, to Glory Property Investment, with the transaction targeted to complete in October.
New Park Property owns the hotel-cum-retail development, Grand Park Orchard and Knightsbridge.
The sale was completed with the benefit of an initial 10-year hotel lease to Grand Park OR, a wholly owned subsidiary of the group, with an option to extend for another five years.
Park Hotel Management has been appointed as retail manager of Knightsbridge. Park Hotel Group will continue to manage the hotel and retail podium as Grand Park Orchard and Knightsbridge respectively.
Said Allen Law, CEO of Park Hotel Group: “We continue to believe in Grand Park Orchard’s superior brand positioning, Knightsbridge’s unique flagship retail concept, and remain invested in its future. The group has aggressive plans to grow and we continue to do so through acquisition and management contracts.”
