Hotel Properties Limited (HPL) has issued $220 million in aggregate principal amount of 4.40% notes due 2030 June 10, 2025, under its $1 billion multi-currency debt issuance programme.

 

The notes were offered in Singapore to institutional investors and accredited inventors. It bears a fixed interest rate of 4.40% per annum payable semi-annually in arrear on June 10 and December 10 in each year.

 

The net proceeds from the issue of the notes, after deducting issue expenses, will be used for the purpose of refinancing existing borrowings and financing working capital requirements of HPL and its subsidiaries.

 

DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank(UOB) were the joint lead managers for the notes.

 

On June 10, founder of HPL Ong Beng Seng is reported to be set to plead guilty in court on July 3 for two charges relating to former transport minister S Iswaran.

 

Ong is accused of abetting Iswaran in obtaining an all-expenses-paid trip to Doha worth about $20,850 in December 2022, and for the alleged abetted obstruction of justice by intentionally aiding Iswaran in May 2023, when the Corrupt Practices Investigation Bureau had begun its probe, by paying $5,700 to Singapore GP for a business class flight ticket from Doha to Singapore.

 

Hotel Properties Limited (HPL), through its wholly-owned subsidiary, Luxury Peak, has received approval from the Strata Titles Board, to go ahead with the acquisition of the entire strata area of the Concorde Hotel & Shopping Mall at $821 million.

 

HPL, through its five wholly-owned subsidiaries, has already owned 95.4% of the property&rsquo s strata area for &ldquo many years&rdquo . The strata area comprises the 407-room Concorde Hotel from levels four to nine of the building as well as 63 of the 98 strata shops in the three-storey retail podium. The total area comes up to 108,510 sq ft.

 

The remaining strata area will cost around $74.84 million and won&rsquo t have any material impact on HPL&rsquo s consolidated net earnings per share (EPS) and consolidated net tangible assets (NTA) per share based on HPL&rsquo s financial statements for the FY2024 ended Dec 31, 2024.

 

On Nov 7, 2024, HPL, through Luxury Peak, announced that it acquired Concorde Hotel en bloc for $821 million, which is $1 million above the guide price of $820 million.

 

The site was launched for tender on Sept 3, 2024.

 

The sale price works out to $1,804 psf per plot ratio (ppr). This includes the applicable land betterment charge of $213 million based on a redevelopment scheme comprising 40% hotel, 40% residential and 20% commercial use.