Tuan Sing Holdings has disclosed that its indirect wholly owned subsidiary, HR Operations, has entered a deed of termination and release with Hyatt of Australia and Hyatt Services Australia to end the management of Hyatt Regency.
The hotel, located at 99 Adelaide Terrace in Perth, Western Australia, will no longer be managed by Hyatt as of 31 August 2024.
Following this change, the property will undergo repositioning and rebranding.
The estimated costs associated with the termination are projected to be S$2m ($1.47m).
The latest decision aligns with Tuan Sing's broader strategy to enhance its hospitality business.
This business currently encompasses the Grand Hyatt Melbourne and the newly acquired Fraser Residence River Promenade in Singapore.
The company's hospitality expansion is set to continue with the completion of the Opus Bay project in Batam, Indonesia.
This development is an integrated township with hospitality elements.
Tuan Sing Holdings is a regional investment holding company specialising in real estate development, investment and hospitality.
The latest announcement comes shortly after Hyatt Hotel acquired the me and all hotels brand from Lindner Hotels AG, expanding its World of Hyatt loyalty programme.
Hyatt plans to use me and all hotels’ brand recognition and a development model that encourages conversions to drive growth in the upscale lifestyle segment.
