Stock News: Hotel Plaza may rise on sale of Hotel Grand Plaza

Hotel Plaza Ltd may edge up after it said it has agreed to sell Hotel Grand Plaza (Singapore) Pte Ltd to Park Hotel Strategic Investments Ltd for 141.2 mln sgd. Hotel Grand Plaza owns the 10-storey Parkroyal Hotel, which has 330 rooms, on Coleman Street. The company said the divestment will enable it to unlock the value of its investment in Hotel Grand Plaza and significantly reduce its gearing level. Yesterday, Hotel Plaza closed up 0.02 sgd at 1.35.