Singapore's hospitality sector pocketed $532.7m in 2Q13

And there were just 3 transactions.

According to Savills, the hospitality sector witnessed three transactions in Q2/2013, contributing about S$532.7 million or 8.8% of the total investment sales. 

Savills said that in April, Ascendas Hospitality Trust acquired Park Hotel Clarke Quay for S$300.0 million or S$892,857 per key. Later in May, the 49-room Berjaya Hotel located on Duxton Road was sold to Elevation Developments for about S$50.0 million, reflecting more than S$1 million per key.

"The latest transaction was Park Regis Singapore on Merchant Road, comprising a 203-room hotel and a seven-storey office block. It was sold to a Chinese buyer for S$250.0 million. Assuming S$900,000 per key, the hotel component fetched S$182.7 million," Savills said.