Pan Pacific Hotels Group sells hotel in largest single-asset Singapore hotel transaction

Pan Pacific Hotels Group has entered into an agreement for the sale of the PARKROYAL on Kitchener Road to Midtown Properties Pte. Ltd., part of Worldwide Hotels Group.

The purchase consideration of S$525 million ($389 million) represents the largest ever single-asset hotel transaction in Singapore and the second largest in Asia Pacific in 2023.

The 542-key freehold hotel is situated in the heart of the historic Little India district near City Square Mall, Mustafa Centre and Farrer Park MRT station. Adding to the asset’s attractiveness, the PARKROYAL on Kitchener Road completed a major refurbishment in 2020, adding more state-of-the art fit-outs to meet maturing guest experience demands.

“As the largest single-asset hotel transaction ever recorded in Singapore and the second largest in the Asia Pacific region in 2023, this deal underscores the enduring appeal of Singapore as a safe haven investment destination amidst global macroeconomic uncertainty and its s