Wheelock, tycoon raise offer price for Singapore's Hotel Properties

Tue May 13, 2014 10:34pm EDT

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May 14 (Reuters) - A consortium that includes Singapore tycoon Ong Beng Seng and Wheelock Properties (Singapore) Ltd has increased its offer price for a stake in Hotel Properties Ltd to S$4 per share, valuing the company at around S$2.07 billion ($1.65 billion).

The consortium, 68 Holdings Pte Ltd, agreed in April to acquire nearly 214 million shares in Hotel Properties, representing a 41.9 percent stake in the company, at S$3.50 each.

Hotel Properties said in a statement on Wednesday the consortium had raised its price after buying 17.1 million shares of its shares at S$4.00 each.

Hotel Properties shares were up 7.26 percent on Wednesday morning before being halted ahead of the announcement. The benchmark index was up 0.8 percent. ($1 = 1.2519 Singapore Dollars) (Reporting By Andrew Toh; Editing by Miral Fahmy)

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