Singapore-based property developer Hoi Hup Realty has entered into a binding agreement with Ophir-Rochor Investments Pte Ltd, a wholly owned subsidiary of M+S Pte Ltd, to acquire Andaz Singapore, a luxury lifestyle hotel operated by Hyatt International.
According to the media reprots, Hoi Hup Realty will S$475 million ($344 million) to purchase the 342-room luxury hotel from M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Berhad and Temasek Holdings.
“We are attracted to the rarity of this high-quality luxury hotel offering, its historic significance being one of the established projects by M+S Pte Ltd. We are especially excited by the strategic location of the Hotel, with Andaz Singapore occupying a key node in the transformative Beach Road / Ophir-Rochor Corridor. We are confident that Andaz will fulfill its potential to become one of the leading luxury hotels in Singapore.”
Andaz Singapore was opened on 1 Jan 2018 and is located at the apex of the iconic DUO Tower from level 24 to level 39. The hotel features 342 contemporary guest rooms, 4 F&B outlets and a wide range of meeting and banqueting facilities.