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HK's Gaw Capital Partners buys BIG hotel in Singapore for S$203m
HONG KONG-BASED Gaw Capital Partners has acquired the 308-room BIG hotel in Singapore for S$203 million.
The 8,800 square metre hotel is located in central Singapore.
Originally an office building, it was converted by Singapore-based owner, ERC Unicampus, and opened in 2013.
Real estate services provider, JLL Hotels & Hospitality Group, together with JLL Capital Markets Singapore, acted as exclusive advisers on the sale on behalf of ERC Unicampus.
This is the first Singapore hotel acquisition for Gaw, a real estate private equity firm, said JLL on Wednesday.
It is also the firm's second significant hotel purchase this year, it added.
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 adviser on that deal.
Mike Batchelor, managing director of JLL Hotels & Hospitality Group in Asia, said BIG hotel is in a highly desirable location on a unique freehold land parcel and offers "an innovative limited service boutique hotel concept with an existing strong trading performance".
Anthony Barr, regional director of JLL Capital Markets Singapore, noted that 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," he said.