Real estate firm Rowsley announced on Wednesday that is signed a conditional sale and purchase agreement with vendors to buy Ariva for up to S$10.6 million, in a strategic bid to expand its hospitality business.
Post acquisition, founders Cameron Ong, former chief executive and managing director of The Ascott Group and Jean-Claude Erne, former senior vice president of product, process and procurement and managing director in Europe at Ascott, will retain their posts at Ariva as executive chairman and executive director respectively.
