The Orchid Hotel Singapore in Tanjong Pagar has been put on the market with an indicative price of S$250 million and above.
This works out to at least S$920,000 per room for the 272-room hotel, which has a remaining leasehold period of 95 years.
Tom Oakden, Executive Vice-President of Investment Sales at Jones Lang LaSalle Hotels, the sole marketing agent for the property, said the hotel is being sold with vacant possession or without an existing management contract and brand. This provides an investor or hotel owner-operator the opportunity to acquire and rebrand the hotel.
Meanwhile, nine strata office units on the second floor of the 20-storey property are available for sale under a separate deal. Of the nine units, three units are larger in size and could potentially be redeveloped into function rooms, subject to approval.
According to a report by The Business Times, the S$250 million and above price tag for the hotel excludes the strata office units, which has a total area of approximately 10,600 sq ft.
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