SINGAPORE: InterContinental Singapore in Bugis is set to rebrand next year under a new operator, as its hotel management agreement with current operator InterContinental Hotels Group (IHG) ends on Dec 31, 2025, Channel News Asia (CNA) reported.
The hotel’s owner, Frasers Hospitality Trust (FHT), has not yet disclosed who will take over operations of the 406-room property, which spans 16 floors.
On Tuesday (Sep 16), the group, which currently operates 13 hotels across six brands in the city-state, thanked FHT for the “long-standing and fruitful” partnership and said it will continue to run RB Capital’s InterContinental Singapore Robertson Quay.
In a joint statement on the same day, Frasers Hospitality and FHT said that while InterContinental Singapore will exit the IHG system, the hotel will remain in operation and continue to be a key asset in their portfolio.
They added that any change in the hotel operator is part of their active asset management strategy and said further updates will be shared in due course.
The move comes as FHT prepares to delist in October, after Frasers Property made a buyout offer citing “adverse changes” in the macroeconomic environment that have made it harder for FHT managers to increase distributions and net asset value.
On Aug 15, Eric Gan, chief executive officer of FHT’s managers, told investors that the trust has been operating in a “difficult” environment.
He said while some hotels were performing well, “upper class” hotels such as InterContinental Singapore were not experiencing the same, citing a mismatch between inbound travellers and their target guests due to price sensitivity and demand elasticity.
He added that the stronger Singapore dollar has also made stays at such premium properties more expensive for both business and leisure travellers. /TISG
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