Three local developers acquire a hotel in Manchester

SINGAPORE - Heeton Holdings, KSH Holdings and Lian Beng Group have acquired a hotel property in Manchester, Britain, through a joint venture firm, Prospere Hotels.

Heeton and KSH have a 30 per cent stake each, while Lian Beng has a 40 per cent stake in the joint venture firm.

In a joint statement, they said this is the fifth joint acquisition in Britain by the three developers.

The 12-storey hotel has 147 bedrooms and is near the Manchester Oxford Road railway station.

The hotel is managed by hotel operator InterContinental Hotels Group, under the Holiday Inn Express brand name.

It targets leisure travellers and business visitors.

Heeton chief executive Eric Teng said: "With the central government striving to develop the northern area of the country, we believe the tourism sector will be even stronger and the local hospitality industry is set to benefit from it."

KSH managing director Choo Chee Onn believes there is good yield potential from the hotel, while Lian Beng managing director Ong Pang Aik said this acquisition adds to its overseas property portfolio and will provide the group with recurring earnings.