Allen & Gledhill is advising a consortium led by Singaporean tycoon Ong Beng Seng and Hong Kong-based developer Wheelock & Co. on its proposed $1.7 billion buyout of Singapore’s Hotel Properties Ltd.
Hotel Properties operates hotels primarily in Asia, but also develops residential properties in Singapore, Thailand, Australia and Europe. Ong is the company’s managing director.
The consortium, called 68 Holdings Pte. Ltd., already owns slightly over 50 percent of Hotel Properties and is now offering to buy the remaining shares. The deal is expected to close June 26.
Allen & Gledhill partners Lim Mei, Hilary Low and Lee Kee Yeng are acting for 68 holdings on the deal. Another Allen & Gledhill partner, Christopher Ong, is advising Standard Chartered Bank as financial advisor to 68 Holdings. The bank is also arranging an $815 million term loan facility to finance the offer, and Allen & Gledhill partner Lim Wei Ting is advising 68 Holdings on that.
Drew & Napier is representing Hotel Properties.