Novotel

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.

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.

Rights issue likely to boost free float, valuations for Frasers Hospitality Trust

SINGAPORE (Sept 14): Daiwa says the imminent rights issue of Frasers Hospitality Trust (FHT), albeit dilutive, could help to improve its free float and valuations.

This echoes the sentiments of the trust’s management during its briefing held for analysts on Sept 13.  

To recap, FHT is undertaking a rights issue to raise its proposed acquisition of Novotel Melbourne on Collins (NMOC), plus 72 car park lots, for a total consideration of A$237 million ($245.4 million). The rights issue amount is at a 23.7% discount to the trust’s closing price on Sept 9.

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