SINGAPORE Indonesia investment company Merukh Enterprises has acquired the 203-key Park Regis Singapore hotel and office building from Royal Brothers Group for S$218 million (US$165 million).
Merukh, which is traditionally focused on the mining industry, is expanding its business portfolio into the property sector. “We used bank loans and our own cash reserve to acquire 100% ownership of the hotel and office complex,” says the company’s president, Rudy Merukh. “We are sure of its commercial value due to its strategic location as well as its consumer-oriented services that meet international standards.”
The 4-star Park Regis Singapore is managed by Sydney-based StayWell Hospitality Group.
As part of Merukh’s commitment to provide jobs for Indonesians, 20% of the hotel’s staff will be Indonesian citizens, The Jakarta Post reports.