The hospitality arm of Far East Orchard Limited, Far East Hospitality has announced having acquired 50% interests in a portfolio of property companies that own 4 Europe hotels.
In a move to boost income and expand the company’s world footprint, this joint venture with partner Toga Group diversifies and expands both companies. The four hotels located in Berlin, Frankfurt, and Copenhagen, Copenhagen, Denmark, have been independently valued at right around €107.1 million. CEO of Far East Hospitality, Arthur Kiong, offered this statement via the company’s news:
“The acquisition of these four hotels in Germany and Denmark will further strengthen our foothold in Europe and sets the platform for us to pursue more opportunities for the Group in the future. We are optimistic of Europe‘s ability to attract tourist arrivals globally as Europe remains the world‘s largest tourism region. “
The purchases of these European hotels comes after news of a joint venture TFE Hotels‘ recent acquisitions of two office buildings in Sydney and Brisbane for hotel conversion in the last two months. Lucas Chow, FEOrchard‘s Group Chief Executive Officer and Managing Director, also offered comment:
“We are delighted that FEOrchard has made its first asset acquisitions in Europe, continuing our expansion plans from the string of hospitality transactions in Australia last year. We believe that this transaction sends a strong signal of our capability to rapidly seize opportunities and leverage on the synergies offered by our joint venture partner, Toga Group.”
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