700 Beach changing hands for some $120m

700 BEACH is being sold in a deal that values the asset at about $120 million and the buyers are planning to redevelop the 18,400 square foot site into a 15-storey hotel with about 300 rooms, BT understands.

Market talk suggests that the buyers are in advanced negotiations with UK hospitality group Whitbread to manage the proposed hotel under the latter's Premier Inn brand.

Premier Inn is one of the UK's biggest budget hotel chains, operated by London-listed Whitbread which has a market capitalisation of about £6.9 billion (S$14.5 billion) and which also operates restaurants and coffee shops.