SINGAPORE - The boutique BIG Hotel at Middle Road is up for sale.
The 308-room hotel, at the corner of Middle Road and Bencoolen Street, first opened in May last year after an extensive renovation of the former Prime Centre commercial building.
It achieved occupancy levels of 90 per cent after just 12 months of operation, said JLL, which has been appointed the marketing agent for the sale.
The hotel is being sold with the existing operator in place to manage the hotel under the BIG Hotel brand.
The hotel is being sold on a leaseback structure, with a fixed guaranteed income being paid to the new buyer of the hotel.
"This creates an opportunity for buyers to not only secure a freehold asset with a guaranteed return, but also to obtain a foothold into the highly competitive hotel industry in Singapore," JLL said.
Following the success of the BIG Hotel brand since its launch, there are plans to roll out the brand across other markets in the region in the near future, it added.
The period of the leaseback is flexible and dependent on the buyer's requirements, but it will be a minimum of three years.
The hotel will be sold by expressions of interest. Submissions are due on Oct 28.