[SINGAPORE] Just over a month after officially opening its doors to guests, The Westin Singapore hotel has been sold for $468 million to Japan-based property developer and investor Daisho Group.
Daisho’s acquisition of the 305-room, 99-year leasehold hotel located in Asia Square Tower 2 at Marina Bay is its maiden investment in Singapore. The purchase price translates into a hefty $1.5 million per room, possibly a new record for a hotel here.
Earlier this year, Bright Ruby Resources, a company controlled by a family from China, was reported to have paid between $1.4 million-$1.5 million per room for the freehold Grand Park Orchard Hotel, smashing the previous $1.1 million per room record.
BT understands that The Westin Singapore transaction was sealed just before Christmas. The seller is a fund managed under MGPA, a private-equity property investment advisory firm. MGPA’s original asking price was $2 million per room, or about $610 million in total.
Westin Singapore hotel sold for $468m
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