Singapore-based Lodgis Hospitality Holding, a joint venture between US-based private equity firm Warburg Pincus and Vietnam-based private equity firm VinaCapital, has completed the acquisition of two Raffles Hotels in Cambodia, the flagship Raffles Hotel Le Royal Phnom Penh and the Raffles Grand Hotel dAngkor Siem Reap for an undisclosed sum.
With the acquisition, Lodgis now owns the largest collection of luxury historic hotels in the Indochina region. The purchase of the two Raffles Hotels also marks the companys first acquisition outside of Vietnam.
Built in the 1930s, both Raffles Hotels are historic buildings that were restored and reopened under the Raffles brand in 1997.
The 175-key Raffles Hotel Le Royal Phnom Penh is situated in central Phnom Penh, adjacent to the U.S. Embassy and close to several key government offices, the Royal Palace and the Central Market.
The 119-key Raffles Grand Hotel dAngkor Siem Reap is located in the heart of the old French Quarter and in proximity to the UNESCO World Heritage site of Angkor Wat.
The two hotels will undergo renovations, which includes upgrading of guestrooms, food and beverage outlets and meeting facilities. Lodgis has expanded its portfolio to include more than 15 projects in operation and under development across the Indochina region in the last 18 months.
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