Singapore real estate firm OUE said it would buy Crowne Plaza Changi Airport for SGD500 million (US$385.42 million) in association with Japanese investment firm Tokyo Century, marking their second hotel collaboration in the city-state’s airport.
The OUE-Tokyo Century joint venture will purchase the hotel from OUE REIT, which is managed by OUE. The deal remains subject to approval of Changi Airport Group and OUE REIT unitholders, according to a statement released Thursday by OUE.
Crowne Plaza Hotel in Singapore Changi Airport. Photo courtesy of the hotel |
The 575-room hotel is operated by IHG Hotels & Resorts and is located at Terminal 3 of Changi Airport.
In a separate statement, OUE REIT said SGD20 million of net cash proceeds would be distributed evenly to unitholders over the first two years following the completion of the proposed deal.
OUE and Japanese investment firm Tokyo Century have already agreed to jointly develop the Hotel Indigo Changi Airport.
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