Jones Lang LaSalle Hotels today announced on behalf of LaSalle Investment Management the sale of its interest in the award winning Crowne Plaza Changi Airport Hotel, Singapore.
The 320-room hotel which is the only hotel at Singapore’s Changi International Airport is being marketed through an international tender campaign which was launched today.
According to Mr. Mike Batchelor, Managing Director Investment Sales Jones Lang LaSalle Hotels and who is leading the sales process, “The hotel is expected to receive strong interest from a diverse cross sector of both regional as well as global investors.” Mr. Batchelor added, “With a robust economy and positive outlook for the tourism sector, Singapore is one of the most desired hotel investment markets in the region.”
The Crowne Plaza Changi Airport, which opened in 2008 as part of Terminal 3 also features extensive food and beverage outlets, conference and meeting facilities, swimming pool, spa and fitness centre. The hotel is being sold with the benefit of a long term management agreement with InterContinental Hotels Group under their Crowne Plaza brand.
Mr. Tom Oakden, Senior Vice President Investment Sales Jones Lang LaSalle Hotels said, “Hotel investment volumes in Asia continue to recover strongly as the number of investors outstrip the supply of opportunities and in particular, gateway cities such as Singapore. With a tightly held hotel market in Singapore, on average, only one internationally branded hotel has been offered for sale each year over the past 10 years. The profile of investors of most of Singapore’s key hotels remains local families, family-controlled public companies or foreign owned sovereign wealth funds that typically hold assets for extended periods of time.”
Speaking at a recent Tourism Industry Conference in Singapore, Ms. Aw Kah Peng, Chief Executive, Singapore Tourism Board announced that Singapore is targeting to attract 12 to 13 million visitor arrivals in 2011, bringing in total tourism receipts of approximately SGD 22 to 24 billion. In January 2011, Singapore registered a 16.2 per cent growth to reach 1.06 million visitors, the highest recorded for the month of January. International visitor arrivals to Singapore reached 11.6 million in 2010, registering a year-on-year increase of 20%.
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