15 Apr '11, 2pm

DTN Singapore: OUE plans to buy LCH Hotels for S$224.5m: SINGAPORE: Overseas Union Enterprises (OUE) said it pla...

DTN Singapore: OUE plans to buy LCH Hotels for S$224.5m: SINGAPORE: Overseas Union Enterprises (OUE) said it pla...

SINGAPORE: Overseas Union Enterprises (OUE) said it plans to buy LCH Hotels, which owns the 320-room Crowne Plaza Changi Airport, for S$224.5 million. OUE will also settle a shareholder loan as well as debt of S$68.5 million. It said the proposed acquisition will expand the earnings base of the company's portfolio of hospitality assets, particularly in light of the group's competitive presence in Singapore's robust hospitality landscape. Other hotels under OUE's umbrella include the Mandarin Orchard. OUE said its purchase will be funded entirely through a combination of existing cash resources and banking and debt facilities. It added that the deal was arrived at an after arm's length negotiations and on a willing buyer willing seller basis, taking into account the market value of the property. Indonesia's Lippo Group took control of OUE last year after buying out its part...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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