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Oxley terminates S$950m sale of Mercure and Novotel Hotels due to unpaid deposit

Wed, Mar 20, 2019 – 8:30 AM

PROPERTY developer Oxley Holdings has terminated a letter of intent (LOI) to sell its Mercure and Novotel Hotels to Gracious Land Pte Ltd for S$ 950 million with immediate effect, as a subsequent deposit of S$ 38 million was not made by the buyer.

In a regulatory filing late on Tuesday night, Oxley said that among other things, the subsequent deposit, being 4 per cent of the total consideration, was not made by Gracious Land.

The Business Times

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