Mercure hotel

Oxley to get much-needed hongbao if hotel sale deal is on

SINGAPORE (Jan 14): Property group Oxley could potentially reduce net debt-to-equity to 1.8 times from 2.5 times as at Sept 2018 if sale of its Mercure and Novotel hotels on Stevens Road is completed.

That's because that the cash proceeds will be able to alleviate some of the group’s urgent cash requirements, says DBS Group Research, especially in repaying its retail bonds – $300 million expiring on Nov 5 and $150 million expiring on May 18, 2020.

Oxley accepts LOI from buyer of Mercure and Novotel hotels on Stevens Road

SINGAPORE (Jan 10): Oxley announced that its wholly-owned subsidiary, Oxley Gem, has accepted a letter of intent (LOI) today for the purchase of Mercure and Novotel hotels located at 28 and 30 Stevens Road for a total consideration of $950 million.

The LOI is intended to be non-binding and is subject to the parties entering into a definitive sale and purchase agreement.

Oxley obtains TOP for maiden hotel development; operations to commence 2Q18

SINGAPORE (Aug 15): Oxley Holdings announced Tuesday that it expects to commence operations for its $900 million hotel development along Stevens Road in the second quarter of FY2018.

Oxley says in a filing to SGX today that the development, which comprises a 254-room Novotel hotel and a 518-room Mercure hotel, obtained its Temporary Occupation Permit (TOP) on Aug 3.

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