15 Apr '11, 9pm

OUE to acquire Crowne Plaza Changi Airport Hotel

SINGAPORE - The Republic's first airport hotel is poised to change hands in a deal valued at S$293 million, less than three years after the hotel -built at a cost of around S$90 million - opened its doors. On Friday, property and hospitality firm Overseas Union Enterprises (OUE) announced its plans to buy LC Airport Hotel, which owns the 320-room Crowne Plaza Changi Airport Hotel, for S$224.5 million. The OUE will also settle a shareholder loan as well as debt of S$68.5 million. The LC Airport Hotel - which is owned jointly by LC Development and a fund of LaSalle Investment Management (LIM) - had put the hotel up for tender earlier this month, after LIM decided to sell off its stake. Targeting corporate travellers and those on short stop-overs, the nine-storey Crowne Plaza Changi Airport Hotel is connected to Terminal 3 and is known for its eco-friendly features such as it...

Full article: http://www.todayonline.com/Business/EDC110416-0000325/OUE...

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