SINGAPORE, Aug. 30 -- Hotel Miramar Singapore on Havelock Road, opened in 1971, will cease business operations at the end of October.

The move will also result in the termination of 108 employees, Singapore news agency CNA reported today.

"This difficult decision was made after careful and comprehensive evaluation of the hotel's long-term business outlook," the hotel and the Food, Drinks and Allied Workers Union (FDAWU) were reported to have said in a joint statement.

They added that the hotel will provide fair retrenchment packages, with additional payouts for long-serving staff and even ex-gratia payments for those with fewer than two years of service.

"We are especially thankful for our long-serving colleagues, many of whom have de...