SINGAPORE - Property developer Tuan Sing has signed an agreement with its joint venture partner, Morgan Stanley, to acquire Grand Hotel Group.
It previously already owned half of the hotel group, which owns two five-star hotels in Australia that are managed by Hyatt International. Tuan Sing paid A$126.04 million for the remaining 50 per cent stake.
The transaction is expected to be completed before the end of the year, Tuan Sing said in a statement on Wednesday.
The company has spent more than A$70 million to renovate, upgrade and increase usable space at the two hotels over the past few years, said Mr William Liem, the chief executive of Tuan Sing, adding that the company is "confident of reaping the benefits from these asset enhancements".
Australian properties now represent about 35 per cent of Tuan Sing's portfolio.