Consortium Led Atelier Capital Partners Singapore Buys Capri Fraser Changi City
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Atelier Capital Partners Singapore (ACP), a joint venture between Hong Kong family office and Singapore’s Fortez Capital, announced on September 3 that it is leading a consortium to acquire Capri by Fraser, Changi City. The hotel will be acquired from Frasers Property, with ACP’s joint venture Atelier Capital Changi and other partners holding a majority share. Heeton Holdings and Dorsett Hospitality International (DHI), a subsidiary of Hong Kong-listed Far East Consortium International, are also part of the consortium.
DHI has been appointed to operate the hotel, which will be rebranded as Dorsett Changi City Singapore. However, ACP did not disclose the purchase amount or the ownership split between the consortium members.
Capri by Fraser, Changi City was first put on the market by Frasers Property in January. In March, Frasers Hospitality Trust (FHT) announced that the property will be divested to a third party, with FHT not exercising its right of first refusal.
According to Mingtiandi, the 313-key hotel will be acquired for $170 million, which amounts to approximately $543,131 per key. Located at 3 Changi Business Park Central 1, the 12-storey hotel is part of an integrated development on a 60-year leasehold site awarded by JTC to Frasers Centrepoint and Ascendas Land. It was opened in 2012 and sold in 2014 to Frasers Property for $203.4 million. Currently, the hotel has a balance lease term of about 45 years.