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Rajah & Tann Singapore has advised Midtown Properties, a unit of Worldwide Hotels Group, on its S$525 million ($389 million) acquisition of a hotel and a shopping arcade in the Little India district from the real estate developer UOL Group, which was represented by WongPartnership.

The sale of the Parkroyal on Kitchener Road – a 542-room hotel – and New Park Shopping Arcade is believed to be the largest single-hotel asset transaction in Singapore this year. UOL will use the net proceeds for its general working capital requirements and to repay its bank loans, the Business Times reported.

The Rajah & Tann team was led by partners Loh Chun Kiat, Norman Ho and Benjamin Tay. Partners Andrew Ang, Monica Yip, and Anna Tan headed the WongPartnership team.

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