CFA Society Singapore
SINGAPORE (Oct 3): Heeton Holdings, KSH Holdings and Lian Beng Group have jointly acquired Hotel Indigo Glasgow in Scotland on Monday.
The consortium is led by Heeton, which holds an effective interest of 60%, while Lian Beng and KSH have 20% each. This is the consortium’s first hospitality asset in Scotland.
The property is located near the Glasgow Central station and is well placed for Glasgow’s central business district (CBD) area, tourist attractions and shopping districts. It is also a 15-minute drive away from the airport.
The five-storey hotel with 94 rooms was built in 1892 and was originally an electric power station. It operates under a franchise agreement with the InterContinental Hotels Group, and will be managed by the hotel management company, Interstate.
Eric Teng, CEO of Heeton says, “This is a beautiful property with strong potential, which we believe will further strengthen our portfolio of quality investments in the UK.”
Ong Pang Aik, executive chairman and managing director of Lian Beng says, ““We are encouraged by the progress that the consortium has made so far. With Interstate as the hotel operator, we are confident that this acquisition will prove to be a valuable asset in our portfolio. We are looking forward to more of such ventures with our consortium partners in the future.”
Choo Chee Onn, executive chairman and managing director of KSH says, ““Conveniently located at the heart of Glasgow city, this is an excellent addition to our existing boutique hotel portfolio in the UK. With this upmarket lifestyle brand – The Indigo, the consortium has achieved another success with its new hotel range and the expansion beyond England into other regions.”
Shares in Heeton, Lian Beng and KSH closed at 53 cents, 53 cents and 61 cents, respectively.