HPL unit acquires Concorde Hotel & Shopping Mall
The property was sold for $821m.
Hotel Properties Limited (HPL) unit, Luxury Peak, has received approval from the Strata Titles Board to acquire the entire strata area of the Concorde Hotel & Shopping Mall in Singapore for $821m.
The acquisition is scheduled for completion on 11 August.
HPL, through its five wholly owned subsidiaries, owns approximately 95.4% of the strata area of the property.
The acquisition of the remaining strata area for approximately $74.84m is not expected to have any material impact on HPL’s earnings for FY2024.