 Hotel New Otani's management was taken over by Accor Hotels in December 2004, and was subsequently renamed Novotel Singapore Clarke Quay.The mall changed hands twice, having been sold to Pidemco Land in 1999 and subsequently sold to the Asia Retail Management Fund in 2006.Under ARMF management, the mall underwent major refurbishment works in 2007, coupled with a repositioning of its image.