Business

Tuesday August 25, 2009

TA buying stake in Singapore hotel for RM635mil


PETALING JAYA: TA Enterprise Bhd has proposed to acquire a 30.65% stake in Singapore-based Quayside Gem Ltd, a company incorporated in Mauritius, for S$260.04mil (RM635.8mil) cash from LaSalle Asia Opportunity II SARL.

Quayside Gem owns Swissotel Merchant Court Singapore, a four-star hotel.

In a filing with Bursa Malaysia, TA Enterprise said the proposed acquisition would be funded from internally generated funds and external borrowings.

“The acquisition is expected to bring synergistic benefits to the group as it will further enhance TA Enterprise’s hospitality operations in major cities around the world and increase its existing portfolio of hospitality properties,” it said.

TA Enterprise recently concluded the acquisition of the 262-room The Westin Melbourne at a cost of A$160mil.

Its earlier venture into Australia was via the purchase of the 362-room Radisson Plaza Hotel in Sydney in the late 1990s for A$115.5mil It acquired its first hotel property in Canada, the 190-room Aava Whistler Hotel, for C$33 million (RM10mil) last December.

Back in Malaysia, TA Enterprise is also building a six-star hotel and a five-star hotel, located directly opposite the Petronas Twin Towers and at the Jalan Bukit Bintang/Jalan Imbi junction in Kuala Lumpur, respectively.


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