Big Hotel to Sell for $203m

Big-Hotel

A Hong Kong-based private equity group, Gaw Capital Partners (GCH), is slated to purchase the Singapore Big Hotel for $203 million. In the past, GCH has restored iconic hotels like the Hollywood Roosevelt in Los Angeles and The Strand in Yangon.

CGH directors Kenneth Gaw, Alan Lee Kam Hung, and Lee Wei Hsiung have been in the midst of acquiring Big Hotel since mid September. The 16-story, 308-room hotel offers accommodations for a range of visitors categorized into “hipster,” “rainmaker,” “explorer,” and “lover.”

According to the Straight Times, hotel investment in the region remains steady with an emphasis on larger, more mature markets. Singapore’s market has slowly started to strengthen as the Singdollar appreciates in value. Moreover, the CGH group has a positive reputation when it comes to high growth results. Since 2005, Gaw Capital has raised equity of US $5.22 billion and currently controls US $10.61 billion in asset management.

Although quite a large project, GCH has also been reported to have purchased Seattle’s tallest tower, the Columbia Centre for approximately $700 million as well as Hong Kong’s flagship InterContinental Hotel for US $938 million. They are expected to close later this year.