Hotel transactions abuzz in Singapore

TWO hotels in Singapore have changed hands recently, with Grand Park Orchard and Gallery Hotel going to new owners.
According to local paper The Business Times, Park Hotel Group has closed its second sale in Singapore within the year, selling the Grand Park Orchard including retail podium Knightsbridge.
Chinese group Bright Ruby Resources bought the property for S$1.2 billion (US$900.9 million).
In a deal believed to have been brokered by Jones Lang LaSalle, Park Hotel Group will continue to run the 309-room hotel on popular shopping belt Orchard Road.
Park Hotel Group had in March sold off Park Hotel Clarke Quay to Ascendas Hospitality Trust (TTG Asia e-Daily, April 9, 2013).
Also reported in The Business Times today, Robertson Quay Investment has sold the freehold Gallery Hotel to RB Capital for S$230 million in a deal allegedly brokered by Knight Frank.
RB Capital last year purchased 16 ground-floor retail units at The Quayside building adjacent to the 223-key hotel.
The Gallery Hotel is the company’s latest hotel acquisition. RB’s portfolio also includes Holiday Inn Express Clarke Quay, Park Hotel Farrer Park and Holiday Inn Express Bukit Bintang in Kuala Lumpur, all of which are under development and expected to open within the next two years.

Sourced: ttgasia