Hotel Miramar Singapore will close its doors at the end of October due to concerns about a long-term business outlook, a move set to affect 108 employees.
The hotel, located on Havelock Road, explained in a statement Friday that this “difficult decision” was based on its long-term business outlook.
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Hotel Miramar Singapore. Photo courtesy of the hotel |
The Business Times reported that the hotel is being sold for SGD160 million (US$125 million).
The newspaper reported last month that negotiations for the sale of the hotel at 401 Havelock Road were progressing, with Aravest, a spin-off of ARA Asset Management’s private funds business, as the potential buyer.
The hotel has revealed plans to offer a retrenchment package to employees under the re-employment scheme and additional payouts for long-serving staff.
Employees with less than two years of service will receive an ex-gratia payment.
“Hotel Miramar Singapore has been part of the nation’s hospitality story since 1968, but what truly defines us are the people behind the hotel,” said its managing director Ken Lim in the statement, referring to the year the hotel’s operating company was established.
“This legacy would not have been possible without our people.”
The Food, Drinks and Allied Workers Union general secretary Sankaradass S Chami said: “The union is sad that Hotel Miramar Singapore, one of our nation’s hospitality icons that has provided good jobs for many Singaporeans over the years, is ceasing operations,” as reported by Channel News Asia.
The statement also noted that the union is collaborating with the hotel to assist affected employees in finding new job opportunities.
Hotel Miramar Singapore, equipped with over 340 rooms, was opened in 1971 and went through a refurbishment in 1992.
