Paramount Hotel Acquired by Far East Organization
Far East Organization finally completed the acquisition of Paramount Hotel, which is officially on sale on November. Following the acquisition, the Far East Organization has confirmed that the name of the hotel will be changed into East Village Hotel. Raphael Saw, Far East Hospitality COO, stated that the organization is going to upscale the hotel quality by combining Peranakan culture with modern hotel hospitality. The new unique concept of the hotel is expected to give new and fresh energy to the hotel and the surrounding area.
In-line with Raphael Saw’s statement, the spokesman of the organization stated that renovation toward the hotel will take place immediately and it is expected to finish by the end of 2012. The spokesman also added that Far East adds commercial and residential elements in the renovation as an important complement for the East Village Hotel.
Paramount Hotel to be Renamed to East Village Hotel
The acquisition is performed through a collective sale at S$214 million and it does not only include the Paramount hotel but also the adjoining shopping center. All legal matters related to the acquisition are expected to be completed in February 2012.
Paramount Hotel is located at 25 Marine Parade, about 5 km from city center. It boosts 229 hotel rooms and shopping center with 95 shops on its 102,000 square feet area. There are still free spaces surrounding the hotel that can be utilized to enhance the hotel up to 460 hotel rooms.
Based on the statement from Jones Lang LaSalle Hotel director, Quek Soh Hoon , the Paramount’s sale is the first sale where hotel component is included. He added that the acquisition also represents the high interest of local developers to invest on properties located in strategic locations in this country.
The statement from Quek Soh Hoon is also supported with the statement from Tom Oakden. He stated that hotel market in Singapore shows an increment trend recently and the acquisition of Paramount Hotel by local developer is predicted able to trigger other hotel acquisitions by other local developers.