Park Hotel Group sells Singapore hotel for US$242 million

The Park Hotel Clarke Quay was bought by the Ascendas Hospitality Trust listed in Singapore.

Park Hotel Group is owned by Hong Kong billionaire Law Kar Po. Park Hotel Clarke Quay is a 336-room hotel built on land bought by the Park Hotel Group fo in 2006. The Park Hotel Group will lease the site under a 10-year agreement, and will also operate the hotel as the Park Hotel Clarke Quay.

The Park Hotel Group owns and operates seven other Park-branded hotels in Asia. It will open another two in Singapore in 2015 for third-party owners.