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Ascott Residence Trust Announces Forfeiture of Park Hotel Lease

Ascott Residence Trust Announces Forfeiture of Park Hotel Lease

June 28, 2021 – Ascott Residence Trust announced that it has issued a notice of intended forfeiture to its tenant, Park Hotel CQ Pte. Ltd. under a Master Lease for 1 Unity Street.

Under the Notice issued today, the Tenant is required to make payment of the total sum of S$5,922,268.89 (US$4,407,450.23) which is outstanding from the Tenant under the Master Lease as of 25 June 2021, by 5 p.m. on 30 June 2021, failing which Ascott Reit will take steps to repossess the Property and liaise with the Tenant to ensure a smooth handover of the Property and the hotel operations, and the Master Lease will then be terminated.

In the event that the Master Lease is terminated, the Managers are considering possible options for the Property and will provide further updates in due course.

Read more here..

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