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Ascott Residence Trust to repossess Park Hotel CQ due to $5.9 mil owed

Felicia Tan
Felicia Tan6/27/2021 11:48 PM GMT+08  • 2 min read
Ascott Residence Trust to repossess Park Hotel CQ due to $5.9 mil owed
The managers add that they are considering “possible options” for the property should the master lease be terminated.
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The manager of Ascott Residence Trust has issued a notice of intended forfeiture to its tenant, Park Hotel Clarke Quay, on June 25.

The notice was issued under a master lease for 1 Unity Street dated April 5, 2013, with a term of 10 years commencing June 28, 2013.

According to ART’s business update in the 1QFY2021, a letter of demand was issued to the hotel to recover the sums due under the master lease as at March 1.

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