Overseas Union Enterprise, a hotel operator, said it will buy the Crowne Plaza Changi Airport Hotel for $250 millionto boost the number of hotel rooms it owns by almost a third.
OUE will also buy an adjacent block of land for $43 million and build a further 200 rooms on it for $37 million, the Singapore-based company said in a statement after the close of trading today. The acquisition will boost the number of hotel rooms it has in Singapore to as much as 2,146 from 1,626 now, OUE said. The company owns the Mandarin Orchard and Marina Mandarin hotels in the city.
OUE will also buy an adjacent block of land for $43 million and build a further 200 rooms on it for $37 million, the Singapore-based company said in a statement after the close of trading today. The acquisition will boost the number of hotel rooms it has in Singapore to as much as 2,146 from 1,626 now, OUE said. The company owns the Mandarin Orchard and Marina Mandarin hotels in the city.
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