THESE PROPERTIES WERE ACQUIRED DURING THE PAST DECADE AND REMAINED IN OUR INVESTMENT PORTFOLIO UNTIL 1997. IN 1997, THE GROUP DIVESTED THE ABOVE-SAID PROPERTIES FOR AN AMOUNT CLOSE TO $1 BILLION.
The Group has entered the institutional league with its landmark investment in the prime Orchard Road, Promenade Complex. This investment was an enterprising move by the Group considering the size of the investment involved. The property was well-managed by the Group which resulted in a manifold increase in its revenue paving way for a substantial capital appreciation of the property.
The Group bought the business of “Melia@Scotts” at Scotts Roadwhich was effectively run by Grupo Sol. The Spanish-run hotel offered 245 well-appointed rooms of superior choices.
We took control of the 300-room Novotel hotel in Brisbane which was bought at a competitive price. This was a flagship investment of the Group’s real estate holdings Down Under.
We had investment in the well renowned Hotel “Holiday Inn” in Queenstown, New Zealand. This 150-room Hotel has been operated since 1998.
This Hotel investment had laid way for the group’s foray into New Zealand property market. The Hotel was bought and it was re-branded as business class under the Novotel name.
These two Hotels put together constituted a significant investment and our company had started its continued expansion into the Australian market and steadily eyeing for a sizable market share in the industry.