Consortium Led Atelier Capital Partners Singapore Buys Capri Fraser Changi City
Atelier Capital Partners Singapore (ACP) is making headlines with its latest acquisition announcement. The joint venture between Hong Kong family office Atelier Capital Partners and Singapore’s Fortez Capital has revealed that it will be leading a consortium to acquire Capri by Fraser, Changi City. This venture was made public on September 3 through a press release.
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The consortium, which includes Atelier Capital Changi – another joint venture between ACP and global real estate fund TPG Angelo Gordon – will hold the majority share in the acquisition. Other members of the consortium include Singapore-listed Heeton Holdings and Dorsett Hospitality International (DHI). DHI, a subsidiary of Hong Kong-listed Far East Consortium International, has been appointed to operate the hotel, which will soon be rebranded as Dorsett Changi City Singapore.
Details on the purchase amount for the hotel and the exact ownership split between the consortium members have not been disclosed by ACP.
The news of Capri by Fraser, Changi City being put up for sale first surfaced in January, with Frasers Property as the seller. On March 19, Frasers Hospitality Trust (FHT) – a sponsor of Frasers Property – announced that it had been notified of Frasers Property’s intention to divest its interest in the hotel to a third party, and that FHT would not be exercising its right of first refusal over the property.
According to Mingtiandi, the consortium is purchasing the 313-key hotel for a whopping $170 million. This amounts to an impressive $543,131 per key.
Capri by Fraser, Changi City is a 12-storey building located at 3 Changi Business Park Central 1. The hotel is situated within an integrated development on a site with a 60-year lease, awarded by JTC to Frasers Centrepoint and Ascendas Land. It was first opened in 2012 and was sold to Frasers Property in 2014 for $203.4 million. Presently, the hotel has a remaining lease term of approximately 45 years.