Skift Take
Singapore hotels are some of the priciest in Southeast Asia so the market is wide open for RB Capital's plan to build hotel brands that foreign budget travelers will recognize and trust.
RB Capital, which is bidding for 42 Marriott hotels in the U.K., is seeking to acquire other assets in Europe and expand in Southeast Asia as it prepares to list a hospitality trust in Singapore.
“We are accumulating assets, we are bulking up,” Kishin RK, chief executive officer of Singapore-based property company, said in an interview. “We are waiting for the right time to go out to the markets; we have a sizeable amount of development pipeline under construction.”
The 29-year-old developer is betting on gains in tourism as Singapore has attracted about a million visitors a month since 2010, when its two casinos opened, and as more budget airlines fly to the city-state. Shares of Far East Hospitality Trust (FEHT) and Ascendas Hospitality Trust (ASHT) have gained since their initial stock sales in the country this year.
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Tags: real estate, singapore