Mercure

Oxley's potential $950 mil deal falls through after Gracious Land defaults on $38 mil deposit

SINGAPORE (Mar 20): Oxley Gem, a subsidiary of Oxley Holdings, has terminated the letter of intent (LOI) it received from Gracious Land in Jan for the $950 million purchase of its Mercure and Novotel hotels, after not receiving a subsequent deposit of $38 million when it was due.

In a late night filing on Tuesday, the group says Gracious Land has requested for a refund of the initial $9.5 million deposit it paid for the two hotels on Stevens Road to Oxley Gem.

This hospitality trust's operational outlook is attractive, but not its valuations: OCBC

SINGAPORE (May 3): OCBC Investment Research is maintaining its “hold” call on CDL Hospitality Trust with an unchanged fair value of $1.60 despite making adjustments after the announcement of its 1Q18 results, which came in below expectations at 22% of OCBC’s initial full-year DPU forecast.  

Oxley announces soft opening of Mercure Singapore on Stevens

SINGAPORE (Dec 8): Property developer Oxley Holdings has announced the soft opening of Mercure Singapore on Stevens, a 518-guestroom development with an all-day restaurant, an executive lounge, a fitness centre and a swimming pool. 

A ribbon-cutting event was held with the presence of Oxley’s executive chairman and CEO, Ching Chiat Kwong, along with the management teams of both Mercure and Oxley.

This marks the group’s maiden venture into hotel development together with Mercure’s next-door sister hotel Novotel Singapore on Stevens, which launched in Oct.

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