Singapore Gov invests $US450m in hotels

THE Singapore Government's investment arm GIC Real Estate has formed a joint with Strategic Hotels & Resorts in the United States.

GIC RE will buy a 49% percent interest in the company’s InterContinental Chicago and Hyatt Regency La Jolla hotels for $US450 million, and the joint venture will enter into long term asset management and other services agreements with Strategic Hotels & Resorts.

Both hotels will be held in a joint venture arrangement for which Strategic Hotels & Resorts will serve as asset manager under a long term asset management agreement.

Strategic Hotels & Resorts’ president Laurence Geller GIC RE’s has partnered the company in owning European hotels.

The 792-room InterContinental Chicago, located in the heart of the Magnificent Mile shopping district. The hotel consists of two towers, a 42 level and 26 level building, and features 42,000 sq ft of function space, including six historic ballrooms and 30 state-of-the-art meeting rooms.

The 419-room Hyatt Regency La Jolla, located in San Diego‘s upscale resort community of La Jolla. The property features more than 34,000 sq ft of flexible function space and the 32,000 sq ft atrium style Sporting Club and Spa, an Olympic-size lap pool and an array of business and leisure services and amenities.

Australian Property Journal