Global Premium Hotels puts 23 hotels on market at S$1.4b

Singapore

A PORTFOLIO of 23 hotels, mostly under the Fragrance brand, is up for sale by Global Premium Hotels (GPH) at an indicative price of S$1.4 billion.

They have been on the market since the second half of last year.

Although there have been no takers so far it is not for the lack of interest, said GPH chairman James Koh.

In an interview with The Business Times, Mr Koh, who is also founder, chairman and CEO of Fragrance Group, said GPH had received "a couple of offers".

He said: "We would rather sell as a whole than piecemeal...then we can devote our time to hotel development... My very, very strong passion is in development, rather than management."

He disclosed that buyers would enquire about buying the group's properties from time to time but he had mostly ignore…