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.