BIG Hotel In Singapore Sold To Hong Kong-Based Investor Gaw Capital Partners

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 said, “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, commented, “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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