SINGAPORE-based Far East Organization has entered a contract to purchase two properties in Australia, including a mixed-use development featuring the Rendezvous Hotel Sydney The Rocks.
Far East will shell out A$72 million (US$68.4 million) for the Clocktower Square in Sydney, a mixed-use complex comprising a shopping centre, a six-storey commercial office tower and the Rendezvous Hotel Sydney The Rocks, according to Singapore business daily, The Business Times. The development is situated within Sydney’s central business district.
Formerly known as Rendezvous Stafford Hotel, the 61-room hotel is the latest addition to Far East’s growing collection of Rendezvous brand hotels.
Far East Hospitality Holdings, a joint venture company between Far East Orchard and the Straits Trading Company (STC), already holds the management rights to Rendezvous Grand Hotel Melbourne, Rendezvous Hotel Perth, Rendezvous Studio Hotel Perth Central, and 13 others under Rendezvous Hotels International (TTG Asia e-Daily, April 16, 2013).
In August, STC sold Rendezvous Hotel Singapore to Far East Hospitality Trust, which is to be rebranded to Rendezvous Grand Hotel Singapore.
Far East will also purchase Harbour Town Centre, a freehold outlet shopping centre, for A$205 million, said The Business Times.
