M+S has agreed to sell all the shares of its wholly-owned subsidiary, Ophir-Rochor Hotel, to Hoi Hup Realty for a sale consideration of $475 million or $1.39 million per key. Ophir-Rochor Hotel is the developer and owner of Andaz Singapore, the five-star luxury hotel by Hyatt Hotels at the mixed-use Duo development in Bugis. Andaz Singapore is a 342-room hotel occupies the top 15 floors of the 20-storey Duo Tower which also houses offices on the lower floors. The $475 million price will be the highest ever achieved for a standalone hotel deal in Singapore, and is the third most expensive hotel sale in Asia so far this year. M+S CEO Kemmy Tan said that the transaction will “allow us to maximise returns to our shareholders, while handing over the reins to a very established and exciting developer in Hoi Hup to take the asset forward”. Wong Swee Chun, chairman of Hoi Hup Realty, says: “We are attracted to the rarity of this high-quality luxury hotel offering as well as its historic significance [as] one of the landmark projects by M+S.”... Continue Reading