Hotel Miramar Singapore close to sealing sale at under S$200 million
Asset manager Aravest, a unit of Sumitomo Mitsui Finance and Leasing, is tipped as the buyer and is expected to rope in an international hotel management group
[SINGAPORE] A deal is said to be in advanced stages of negotiations for a sale of Hotel Miramar Singapore at 401 Havelock Road, near the Singapore River.
The pricing for the 344-room hotel, on a site with a balance leasehold tenure of about 41.5 years, is expected to be below S$200 million. The hotel has significant value-add potential, including an opportunity to tap some 100,000 square feet of unutilised gross floor area (GFA) and repositioning the asset to a more upscale product.
The Business Times understands that the prospective buyer is Aravest, a carve-out of the private funds business of ARA Asset Management unveiled last year. Aravest is owned by Japan’s Sumitomo Mitsui Finance and Leasing Co (SMFL) units SMFL Mirai Partners (Singapore) and Kenedix.
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