Over 100 employees affected as Hotel Miramar Singapore is sold for S$160M and closes in October
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SINGAPORE: Over 100 employees are set to be affected when Hotel Miramar Singapore closes at the end of October. The hotel on Havelock Road is being sold for S$160 million after more than 50 years in operation, VnExpress International reported, citing The Business Times.
The 340-room hotel, which was opened in 1971, said in its statement on Friday that the “difficult decision” was based on its long-term business outlook.
Managing director Ken Lim said the hotel’s legacy, which has been part of the nation’s hospitality story since 1968, would not have been possible without the staff who kept it running through the decades.
Last month, The Business Times reported that the hotel was negotiating the sale of the hotel with Aravest, a company linked to ARA Asset Management’s private funds business.
The hotel has announced plans to provide a retrenchment package for the 108 employees affected, with payouts under the re-employment scheme and additional payments for long-serving staff. Those with less than two years of service will receive a one-off ex gratia payment.
According to Channel News Asia, the Food, Drinks and Allied Workers Union general secretary Sankaradass S Chami said the union was “sad” that the “nation’s hospitality icon that has provided good jobs for many Singaporeans over the years is ceasing operations”.
The union is also reportedly working with the hotel to help affected employees find new job opportunities. /TISG