Khoo Teck Puat’s estate makes $1.4 bil offer for Singapore hotel unit

SINGAPORE (Oct 14): An investment vehicle owned by the estate of late Singapore billionaire Khoo Teck Puat is making a $1.4 billion offer for shares in Goodwood Park Hotel to allow investors to cash out from the closely held group.

Hotel Holdings (Private), which owns 24.2% of Goodwood, is offering $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% of the group have agreed to accept the offer, making it unconditional at the announcement. DBS Group Holdings 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 $1.03 billion by valuer CBRE, according to the statement.

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