Singapore’s vibrant hospitality landscape has recently witnessed a notable shift with the permanent closure of Park Hotel Clarke Quay.
The Transition: Park Hotel Clarke Quay to Riverside Hotel
Closure Confirmation: Multiple sources, including a report in The Straits Times, have confirmed the permanent closure of Park Hotel Clarke Quay.
Management Contract Loss: The closure is attributed to Park Hotel Group’s loss of the management contract for Clarke Quay Hotel. Following this, Ascott International Management took over the reins, leading to the hotel’s renaming as Riverside Hotel at Clarke Quay.
Probable Reasons for Closure
While the exact reasons behind Park Hotel Clarke Quay’s closure remain undisclosed, financial considerations appear to play a pivotal role:
Termination of Management Contract: Reports suggest that the termination of the management contract between Park Hotel Group and Ascendas Hospitality Reit may have triggered the change.
Debt-Related Possession: Ascendas Hospitality Reit reportedly took possession of the hotel due to unpaid debt by Park Hotel Clarke Quay, potentially leading to the change in management.
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