The hotel management agreement is set for an initial term of 25 years from the opening date, which is currently scheduled for Dec 31, with an option for renewal after the expiry of the initial term.
According to the group, the agreement follows Adventus Holdings ’ decision to transition the hotel from its current self-management arrangement through its subsidiary, Bay Hospitality. Bay Hospitality has been managing the hotel since operations commenced in August 2023.
The agreement is not expected to have any material impact on the earnings per share and net tangible assets per share of the group for the current financial year ending December 31.
Shares in Adventus Holdings closed flat at 0.6 cents on Sept 26.
