A freehold 308-room hotel in the Bugis area has been put on the market after the owners received several offers from parties interested in buying the development.
Marketing agent Colliers International is inviting expressions of interest for Big Hotel, a newly-opened 16-storey property located at the junction of Bencoolen Street and Middle Road.
The hotel sits on a freehold plot of about 20,162 sq ft in size and occupies a total gross floor area of 94,657 sq ft, said Colliers on Tuesday. The property also comes with three retail shops and 40 carpark lots.
"There have been numerous enquiries on the sale of this hotel development and several offers were put forth to the owner," said Colliers executive director of investment services Tang Wei Leng.
The owners thus decided to conduct an expression of interest exercise to obtain the best offer, she said.
"Big Hotel has consistently achieved a high occupancy rate of 93 to 95 per cent since it commenced operation 2 months ago and this would translate to a strong cash flow and sustainable yield for the potential buyer," Ms Tang added.
Colliers managing director of Asia capital markets and investment services, Mr Terence Tang, said the firm will also be marketing the property across Asia, specifically to China, Hong Kong, Japan and Korea.