JUST months after it bought the iconic InterContinental Hong Kong for US$938 million, Gaw Capital Partners has acquired the 308-room BIG hotel in Singapore for S$203 million (US$143 million).
This is the first Singapore hotel acquisition for Gaw, a Hong Kong-based real estate private equity firm. The 8,800m² BIG hotel, originally an office building, was converted by ERC Unicampus and opened in 2013. Facilities include a restaurant, bar, gym, carpark and convenience store.
Mike Batchelor, managing director, JLL Hotels & Hospitality Group, Asia, which together with JLL Capital Markets Singapore brokered the deal, described the hotel as “an innovative limited service boutique hotel concept with an existing strong trading performance”.
Anthony Barr, regional director, JLL Capital Markets Singapore, said the firm was seeing increasing demand for Singapore properties from investors around the region, particularly those in Hong Kong.
“Singapore’s appeal as an investment destination remains strong with its stable political landscape and strong economic fundamentals,” he added.
