It is looking to rebrand the hotel which will be managed by an international hotel management firm.
Hotel and hospitality property investment firm Datapulse Technology has entered into a consortium company to acquire Bay Hotel Singapore for $235m, a filing with the Singapore Exchange (SGX) revealed.
Datapulse Technology, through its wholly-owned subsidiary, Datapulse Investment (DIPL), entered into a shareholders' agreement (SHA) with PAM Holdings I and PAM Holdings II (BVI) wherein the group and its capital partners will respectively hold 5% and 95% of the share capital of the consortium. Meanwhile, the wholly-owned subsidiaries of the consortium have entered into a sale and purchase agreement (SPA) with Fiesta Development and Bay Hotel & Resort in which the latter firms will sell Bay Hotel Singapore.
The hotel is a freehold property located in the Harbourfront precinct in Singapore and has 319 rooms and facilities such as a food and beverage outlet, swimming pool, rooftop bar and a fitness centre. The hotel is sold with vacant possession.
“It is intended that the hotel will be managed by an international hotel manager appointed by the purchaser,” the firm noted. “The proposed investment presents an attractive opportunity to own an interest in a freehold property in Singapore with the potential to enhance its value by potentially increasing the number of rooms, repositioning and rebranding, where the management of the hotel by an international hotel management company can potentially lead to better cost efficiency.”
The aggregate consideration payable for the proposed investment was arrived at on a willing-buyer and willing-seller basis and determined on the basis of and taking into account its market value of $238m, as according to an independent valuation by Knight Frank. Datapulse Technology’s share of the investment is approximately $12.12m.
Photo from Bay Hotel Singapore.
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