Ibis Singapore on Bencoolen has been sold by French hotel chain Accor for an undisclosed fee that represents the highest single asset transaction recorded in the Asia Pacific this year in terms of dollars.
That's according to Jones Lang LaSalle Hotels, the firm that helped to arrange the sale.
Jones Lang LaSalle declined to disclose the transaction price, but earlier media reports had said the three-star hotel was sold to a Singaporean private investor for more than S$200 million.
Jones Lang's managing director for investment sales in Asia, Mike Batchelor said in a statement that the Ibis was an immediate success when it opened in February last year.
Mr Batchelor added that following the sale of the Swissotel Merchant Court Singapore late last year, the demand for quality assets in Asia and in particular Singapore remains extremely high.
Ibis Singapore on Bencoolen is located in the Singapore's historic Bugis cultural and civic precinct.
It's the largest Ibis hotel outside of Europe, comprising 538 contemporary guest rooms, two retail outlets plus two food and beverage outlets, including the renowned "Taste" restaurant.
Accor will continue to manage the hotel under a long term agreement
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