SINGAPORE - Le Meridien Singapore on Sentosa, formerly known as Movenpick Heritage Hotel Sentosa, has been put on the market.
The Straits Times understands the five-star hotel came under management of professional services firm PwC Singapore about a month ago.
According to a newspaper advertisement published on Monday (April 9), interested parties are invited to bid for the five-star hotel's business and assets on Sentosa.
All bids will be kept private and confidential, said the ad. The closing date for submission is 5pm on June 4.
Under the Urban Redevelopment Authority's Master Plan 2014, the site is in a conservation area with hotel use. Le Meridien has a land area of nearly 101,600 sq ft and its gross floor area is nearly 144,000 sq ft.
Located next to the Merlion Tower on Sentosa, the 191-room property is on a site with a balance lease term of about 57 years.
Le Meridien Singapore, Sentosa was owned by Treasure Resort, which is majority-owned by Rodney Tan and his family. Mr Tan and his family are understood to have acquired in June 2007 the majority stake in Treasure Resort, which owned the heritage block and an attached piece of land.
The hotel was rebranded from Movenpick to Le Meridien, a brand of Starwood that took over management of the hotel, in June 2016.
Shortly after, the hotel was put on the market for $300 million.It is unclear how much the sellers hope to get from the current sale.
According to media reports, it was hoped that with the completion in September 2016 of Marriott International's acquisition of Starwood, the rebranding of the Sentosa hotel will allow it to leverage the membership rewards programmes and reservation systems to drive occupancies and revenue per available room.
That was to have been a key selling point to potential investors, which included Genting Singapore, which owns Resorts World Sentosa, and the Kwee family of Pontiac Land Group, who own the Capella.