SINGAPORE – Park Hotel Group has lost its management contract for Park Hotel Clarke Quay, the second of six hotels it managed here, after the winding up of a firm that used to own the Singapore-based hospitality group.
Landlord Ascendas Hospitality Reit on Aug 28 terminated a master lease agreement and took possession of the 336-room hotel after tenant Park Hotel CQ failed to pay $5.92 million in debt by June 30.
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