Singapore hotel operator eyes Australia
Singapore-based hospitality management group Far East Orchard Limited is poised to secure a strong presence in Australia.
The company is seeking shareholder approval next week on two separate joint ventures: one with Australian-based Toga Group and the other with Singapore-listed The Straits Trading Company.
The joint venture with Toga Group will give Far East Orchard a 50% in Toga’s hospitality management business. In return, Far East Orchard will inject A$250 million into the joint venture.
The Toga Group operates more than 7,000 rooms across more than 50 hotels and serviced apartments in Australia, New Zealand, Germany and Denmark.
In a separate joint venture, first announced in April, Far East Orchard will partner with The Straits Trading Company.
Far East Orchard will contribute 25 hospitality contracts and pay S$76 million in cash, while Straits Trading will contribute three Rendezvous hotels in Australia and 13 hotel management contracts in the Asia Pacific region.
The three hotels in Australia are Rendezvous Grand Hotel Melbourne, Rendezvous Hotel Perth and Rendezvous Studio Hotel Perth Central.
Far East will hold a 70% stake in the joint venture, while Straits Trading will hold the remaining 30%.
Ian Jarrett
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