Park Hotel Clarke Quay. (Google Maps)Park Hotel Clarke Quay. (Google Maps)

Ascott Residence Trust (ART) has taken possession of Park Hotel Clarke Quay, following a failure by its master tenant to make payment on sums due.

The trust first disclosed in June that the master tenant owed some SGD5.9 million in unpaid rent and damages, and was required to make the payment by 30 June 2021.

Related: Ascott Residence Trust moves to repossess Singapore hotel over SGD5.9 million owed

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.