Hotel Miramar to shut end-October; 108 employees hit 

[SINGAPORE] Hotel Miramar Singapore is ceasing business operations at the end of October – a move that will affect 108 staff members, including executives and managers.

The Business Times earlier reported in July that a deal for the sale of the hotel at 401 Havelock Road was in advanced stages of negotiations, with the prospective buyer being Aravest, a carve-out of ARA Asset Management’s private funds business.

BT now understands that the hotel is being sold at S$160 million.

In a joint media statement released on Friday (Aug 29) with the Food, Drinks and Allied Workers Union, the hotel attributed the “difficult decision” to its long-term business outlook.

It added that it will extend its retrenchment package to employees under the re-employment scheme and offer additional payouts to long-serving employees. Ex-gratia payment will also be provided to employees with less than two years of service.

Noting that the hotel has been part of Singapore’s hospitality story since 1968, managing director Ken Lim said: “This legacy would not have been possible without our people.”

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Hotel Miramar Singapore close to sealing sale at under S$200 million

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The press statement added that the union is working with the hotel to support affected employees in securing new job opportunities.