Singapore's OUE H-Trust acquires Crowne Plaza Changi

OUE Hospitality Trust has agreed to acquire the hotel Crowne Plaza Changi Airport and its adjacent extension for a total of S$495 million (around US $396 million), according to The Business Times. The hotel was acquired from its sponsor OUE Ltd.

According to OUE H-Trust, the hotel offers an annualized yield of 4.5 percent, which will rise to 4.6 percent when the hotel's extension is completed.

The 320-room Crowne Plaza Changi Airport is situated in the vicinity of Changi Airport's passenger terminals and has been in operation since May 2008. Its extension is an adjacent rooms-only extension connected to the hotel by a linkway and is currently under construction. When completed around end-2015, the extension will add 243 hotel rooms to the integrated complex, bringing the total number of rooms to 563.

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As The Business Times further reports, OUE agreed to buy the hotel for S$290 million and the extension for S$205 million. The acquisitions will be funded by debt and/or equity and completed in two phases.

"With this acquisition, OUE H-Trust's asset portfolio will increase from S$1.76 billion to approximately S$2.25 billion," said Chong Kee Hiong, CEO of the Reit manager. "The acquisition of CPCA and CPEX will improve OUE H-Trust's portfolio asset diversification as it will have two hotels in two strategic locations and one retail mall. OUE H-Trust's income diversification will also be enhanced. The enlarged portfolio of OUE H-Trust will create a stronger platform for future acquisition growth."

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