CK Ow lists $1b hotel portfolio
Singapore based Chio Kiat (CK) Ow has listed six Australian and New Zealand hotels – the bulk of his local portfolio – and the option to license the Stamford hotel brand.
The vacant properties, available individually, are expected to sell for a total of more than $1 billion.
Some of the assets have been held for decades.
CBRE’s Michael Simpson and Tom Gibson with JLL’s Peter Harper and Adam Bury are understood to be the agents.
The listing comes seven months since GIC with Salter Brothers acquired 11 Travelodge branded guesthouses from Mirvac and NRMA for c$600m.
In February, Pro-Invest Group paid Greenland $140m for Sydney’s Primus Hotel.
Mr Ow once held Double Bay’s Ritz-Carlton Sydney – a landmark property which sold again last month, for $178m, to a partnership comprising Fridcorp and Piety Group (story continues below).
The Stamford portfolio
The CK Ow venues – Adelaide Stamford Grand and Stamford Plaza (in Glenelg), Stamford Plaza Melbourne, Stamford Plaza Sydney Airport, Sir Stamford Circular Quay and Stamford Plaza Auckland – contain a total of 1569 five-star rated rooms.
The portfolio doesn’t include Stamford Plaza Brisbane, which has development upside.
It is believed proceeds will be tipped into Mr Ow’s apartment construction business, and other inns.
In 2018, the businessman sold his landmark Vaucluse mansion, Phoenix Acres, built on the site of a public park and ferry depot, for $67m – citing a lack of use.
Coincidentally the home buyer, Jerry Schwartz, in April offloaded that city’s Four Points by Sheraton to KSL Capital for c$150m.
