Singapore’s largest Mercure hotel to open on Club Street in 1Q2024
Accor and Worldwide Hotels Team signed an agreement for Novotel Singapore on Kitchener a month earlier. It’s a repositioning and rebranding of the previous Parkroyal Kitchener Resort, which Worldwide Hotels purchased for $525 million in July.
“Located in one of one of the most occurring neighbourhoods in Singapore, and together with a riches of outstanding exceptional backgrounds, the resort shows our common determination to providing authentic hospitality knowledge,” said Garth Simmons, COO for Accor’s premium, midscale and economy department in Asia.
Accor, the largest foreign hospitality team in Asia Pacific, Africa and the Middle East, has confirmed a deal with Singapore’s largest hotels and resort broker, Worldwide Hotels Group, to establish the largest Mercure Hotel, the 989-key Mercure Icon Singapore City Center, in 1Q2024.
The hotels and resort stands at 8 Club Street on a former free carpark location, in which Worldwide Hotels bought in a public land sales event tender in January 2019.
Mercure Icon Singapore City Center has a vast range of eating alternatives, an all-day eating restaurant, a lobby and bar principle, with tables equipped with power sockets for doing work. A landscaped pool patio and indoor health club are developed to rejuvenate the body and mind. The resort is going to additionally include vehicle lots with EV chargers.
Mercure Icon Singapore City Centre is placed in between the historical Chinatown and the CBD. The property is closely attached to two MRT stations, the Telok Ayer MRT Terminal on the Downtown Line and the Chinatown Station, an Interchange for the Northeast and Downtown Lines.
“We are excited to expand our working relationship with Accor, a strong associate,” specified Worldwide Hotels Group CEO Carolyn Choo.
Worldwide Hotels went to the top of 8 offers obtained and was bought for $562.2 million or $2,148.5 psf per plot ratio. The breakeven price at that time was approximated to be $800,000 per key.
