OUE acquires Crowne Plaza Changi Airport Hotel for $250m

OUE says it has acquired the 320-room luxury hotel for $250 million in addition to the adjacent plot of land for $43 million.

A proposal to develop a further 200 rooms for $37 million on the adjacent site is being considered. If completed, the entire complex would offer a total inventory of 520 rooms in the Changi Airport area, putting OUE’s investment at about $330 million or $635,000 per key.

The hotel acquisition increases OUE’s Singapore hotel room count by 31.98% to 2,146 up from 1,626 rooms.

OUE already manages and operates two five-star hotels in Singapore -- Mandarin Orchard Singapore and Marina Mandarin Singapore under its Meritus Hotels and Resorts hotel arm.