Singapore’s Park Hotel Group has revealed plans to diversify its portfolio with the launch of a new midscale brand.

“Destination” becomes the hotel group’s third brand, following the luxury Grand Park and upscale Park Hotel concepts. It will make its global debut with the launch of a new 300-room property in Singapore in the second quarter of 2017, called Destination Singapore Beach Road.

“I am very confident of the prospects for this brand: smart, streamlined and with a strong value proposition, this model is immensely scalable. For owners, a select-service hotel is relatively easy to develop and can offer very attractive returns on investment,” said Allen Law, Park’s CEO. “Park Hotel Group’s customers are already very familiar with our Grand Park and Park Hotel brand of hotels in Singapore, but we believe the addition of Destination will enable us to attract a new audience of travellers.

“As a unified portfolio, Park Hotel Group properties will still retain the same core values of exceptional service and loving hospitality,” he added.

Park is marketing the Destination brand as “select-service midscale brand that focuses on providing quality and affordable accommodation in prime, city centre locations”.

The inaugural Destination property will be located on Beach Road in Singapore’s Kampong Glam district. The company said that more information about its facilities and features would be revealed at a later date.

As well as being Park Hotel Group’s first Destination hotel, the new property will mark the company’s fifth hotel in Singapore. A sixth, Park Hotel Farrer Park, is also scheduled to open in 2017.

These new additions form part of a significant period of expansion for Park, which is planning to launch its first hotels in South Korea and the Maldives this year, its inaugural Australian hotel in 2018, and its first property in Malaysia in 2019.