Singapore's Hotel Properties Yet to Decide on Deal, Redevelopment Amid Buyout Report

MT Newswires10-15 09:23

Hotel Properties (SGX:H15) said it has not decided whether to pursue a transaction or redevelop its properties, as it continues to evaluate opportunities, according to a Wednesday bourse filing.

The clarification came in response to a Bloomberg report that Hongkong Land Holdings (SGX:H78) is in talks to acquire a majority stake in three Hotel Properties assets along Singapore's Orchard Road: Forum The Shopping Mall, HPL House and voco Orchard Singapore.

The potential stake sale could value the properties at more than SG$2 billion, according to the report.

Hotel Properties said several interested parties have approached it about potential redevelopment projects, but there is no certainty that any transaction or corporate action will materialize.

Hongkong Land did not immediately respond to MT Newswires' request for comment.

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