TUAN Sing will no longer manage Hyatt Regency in Perth, Australia, ahead of the property’s planned repositioning and branding.
Its indirect wholly owned subsidiary, HR Operations, inked a deed of termination and release with Hyatt’s subsidiaries to end the property’s existing management agreements.
Hyatt Regency Perth will cease to be a Hyatt-managed hotel on Aug 31, after which it will be repositioned and rebranded to commence business.
On Monday (Jul 1), Tuan Sing said it expects to incur S$2 million in costs and expenses from the termination of Hyatt Regency Perth’s management.
While this is not expected to have a material impact on the pro-forma group’s net tangible assets for FY2023, earnings per share for the year will be reduced to S$0.0023 from S$0.0039.
Tuan Sing said the move is in line with its long-term strategy to expand its hospitality business, which currently includes Grand Hyatt Melbourne and its recently announced acquisition of Fraser Residence River Promenade in Singapore.
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