Khoo’s Estate Makes S$1.4 Billion Offer for Singapore Hotel Unit

  • Offer for Goodwood Park values the company at S$1.85 billion
  • Offeror collectively owns 99.67% including undertakings

An investment vehicle owned by the estate of late Singapore billionaire Khoo Teck Puat is making a S$1.4 billion ($1 billion) offer for shares in Goodwood Park Hotel Ltd. to allow investors to cash out from the closely held group.

Hotel Holdings (Private) Ltd., which owns 24.2 percent of Goodwood, is offering S$43 a share for the stake it doesn’t already own, according to an e-mailed statement issued by its external press relations adviser. Investors holding 75.4 percent of the group have agreed to accept the offer, making it unconditional at the announcement. DBS Group Holdings Ltd. is the financial adviser.

Goodwood Park was delisted from the Singapore Exchange in December 2004. Its current assets are two hotels located near the city-state’s shopping belt and the Royal Garden Hotel in London, with a total of 1,034 rooms. The three properties were valued in August at S$1.03 billion by valuer CBRE, according to the statement.

Hotel Holdings intends to continue with Goodwood’s existing activities and has no intention to introduce any major changes, according to the statement. The offeror retains the flexibility to consider any options or opportunities, though none is being considered at this time, it added.

Before it's here, it's on the Bloomberg Terminal.