Orchid Hotel Pte Ltd has sold the 272-room Orchid Hotel in Singapore’s Tanjong Pagar area to a joint venture majority-controlled by an entity linked to Leow Ban Leong for approximately S$273 million ($211 million), according to The (Singapore) Business Times.
The seller is owned by family members of the late property developer Chng Gim Huat, founder of CGH Group. The minority stake in the joint venture is held by North America-based Westmont Hospitality Group, which is expected to serve as asset manager for the hotel, according to the report.
The hotel occupies the top 18 floors of a 20-story building at 1 Tras Link, near the Tanjong Pagar MRT station. The transaction also includes an approximately 5,000-square-foot strata office unit on the second level. The building sits on a site with a remaining land lease of appro
