Three Singapore-listed companies — Heeton Holdings Limited, KSH Holdings Limited, and Lian Beng Group Ltd — have acquired Holiday Inn Express, a hotel property in Manchester, UK, through a joint venture firm Prospere Hotels Pte Ltd, according to a press release.
Heeton, KSH and Lian Beng now own 30 per cent, 30 per cent, and 40 per cent of the hotel property respectively. This is the fifth joint acquisition in the UK by the three companies. The amount was not disclosed.
The hotel, a 12-storeyed building with 147 bedrooms, is managed by the InterContinental Hotels Group under the brand of Holiday Inn Express.
It is situated within walking distance to the Manchester Oxford Road railway station and a short distance to the Manchester Piccadilly station, while also being near shopping complex Arndale Centre, Manchester Arena, the Manchester City football club and Manchester United football club.
The UK government intends to develop the northern region of England, which includes key cities like Manchester alongside Birmingham, Leeds and Liverpool, with initiatives like a high speed train to Manchester from London.
“This is a valuable opportunity for us to participate in the growth story of Manchester,” said Eric Teng, CEO, Heeton, a property development, investment and hospitality group. “The local authorities of Greater Manchester have been working closely to promote the city as a global destination for sports, art and culture.”
“This has resulted in an upward trend of tourist visits to Manchester over the last few years. Now with the central government striving to develop the northern area of the country, we believe the tourism sector will be even stronger and the local hospitality industry is set to benefit from it,” added Teng.
Choo Chee Onn, the Executive Chairman and Managing Director of KSH, also said, “We are optimistic there is good yield potential from the Hotel, considering that it is being operated by an established international hospitality brand and given its prime location in Manchester. The addition of the Hotel to our expanding hospitality assets portfolio will allow us to further strengthen our recurring income streams for greater business sustainability.”
KSH, a property development and investment group, is also an A1-graded contractor with the ability to tender for Public Sector construction projects of unlimited value in Singapore.
Lian Beng is a construction group with integrated civil engineering and construction support service capabilities. It is typically involved in residential, industrial and commercial projects, as well as civil engineering projects as a main contractor.