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SINGAPORE, 18 November 2015 - Gaw Capital Partners has acquired the 308-room BIG hotel in Singapore for SGD$203 million (US$143 million).
JLL Hotels & Hospitality Group with JLL Capital Markets Singapore, acted as exclusive advisors on the sale on behalf of the owner, Singapore-based ERC Unicampus.
Mike Batchelor, Managing Director, JLL Hotels & Hospitality Group, Asia, says: “We are delighted to have brought this deal to a successful conclusion for both the seller and buyer. BIG hotel is a great property in a highly desirable location on a unique freehold land parcel. It offers an innovative limited service boutique hotel concept with an existing strong trading performance.”
This is the first Singapore hotel acquisition for Gaw, a Hong Kong-based real estate private equity firm. However, it is the firm’s second significant hotel purchase in 2015. In September Gaw purchased the iconic InterContinental Hong Kong for US$938 million, the largest ever single hotel transaction in Asia Pacific. JLL was also the exclusive advisor on that deal.
Anthony Barr, Regional Director, JLL Capital Markets Singapore, comments: “Singapore’s appeal as an investment destination remains strong with its stable political landscape and strong economic fundamentals. For this reason, we are seeing an increasing demand for Singapore properties from investors around the region – particularly those in Hong Kong.”
The 8,800 square metre (94,657 square foot) BIG hotel is located in central Singapore. Originally an office building, it was converted by ERC Unicampus and opened in 2013. Facilities include a restaurant, bar, gym, car park and convenience store.
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Notes to Editors:
JLL's Hotels & Hospitality Group serves as the hospitality industry's global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm's more than 320 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling more than US$48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group's hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from JLL's Hotels & Hospitality Group, please visit:
www.jll.com/hospitality, download the Hotels & Hospitality Group app for
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About JLL JLL (NYSE: JLL) is a
professional services and investment management firm offering
specialized real estate services to clients seeking increased value by
owning, occupying and investing in real estate. With annual fee revenue
of $4.7 billion and gross revenue of $5.4 billion, JLL has more than
230 corporate offices, operates in 80 countries and has a global
workforce of approximately 58,000. On behalf of its clients, the firm
provides management and real estate outsourcing services for a property
portfolio of 3.4 billion square feet, or 316 million square meters, and
completed $118 billion in sales, acquisitions and finance transactions
in 2014. Its investment management business, LaSalle Investment
Management, has $57.2 billion of real estate assets under management.
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit www.jll.com.JLL
has over 50 years of experience in Asia Pacific, with over 31,100
employees operating in 83 offices in 16 countries across the region. The
firm was named number one real estate advisor in Asia at the 2015
Euromoney Real Estate Awards and won the ‘Best Property Consultancy’ in
seven Asia Pacific countries at the International Property Awards Asia
Pacific 2014. www.jll.com/asiapacific 200
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