Aravest and Wee Hur Acquire Hotel Miramar Singapore for SGD160 Million, Singapore
Aravest Pte. Ltd. (“Aravest”), the asset management arm of Japan-based Sumitomo Mitsui Finance and Leasing Co. units SMFL Mirai Partners and Kenedix, together with its development partner Wee Hur Property Pte. Ltd., a subsidiary of Singapore-based Wee Hur Holdings Ltd. (“Wee Hur”), has acquired Hotel Miramar Singapore for SGD160 million, or approximately SGD465,100 per key. Located a six-minute walk from Havelock MRT Station on the Thomson–East Coast Line, the 344-key property offers strong connectivity. The existing hotel will be refurbished and rebranded as DoubleTree by Hilton Singapore Robertson Quay, marking the brand’s debut in Singapore under US-based Hilton Worldwide Holdings Inc. (“Hilton”). Scheduled to reopen in the fourth quarter of 2026, ahead of the Formula 1 Singapore Grand Prix, the upgraded hotel is expected to feature a refreshed design and new amenities such as pickleball courts and a kids’ club. Despite having 41 years remaining on its original 99-year leasehold, the property was considered attractive due to its stable income profile, and a potential to increase its gross floor area by almost 50% to 32,688 square metres, although this is currently not part of the new owner’s plans.
Coliwoo Lists on SGX After SGD101 Million IPO
Coliwoo, the co-living spin-off of Singapore-based LHN Limited (“LHN”), debuted on the Singapore Exchange at SGD0.615 during its initial public offering (“IPO”) on 4 November 2025, reflecting a 2.5% premium over its offer price of SGD0.60. The IPO raised approximately SGD101 million through the issuance of 80.3 million shares, comprising 75 million placement shares and 5.3 million public offer shares. The public tranche was 20.7 times subscribed, with nearly 110 million applications, while the placement tranche attracted approximately 547.7 million indications of interest, making it 7.3 times subscribed. Coliwoo also secured commitments from several institutional investors through cornerstone subscriptions. A total of 88 million cornerstone shares were taken up at the offer price by nine investors, including Singapore-based companies, such as Avanda Investment Management, Albizia Capital, Whitefield Capital Management, and UOB Asset Management. As of the IPO, Coliwoo manages 25 properties in Singapore with over 3,000 keys. The company targets an expansion of 800 rooms annually, aiming to reach 4,000 rooms by 2026.
Australia-based Flight Centre Travel Group (“FCTG”), one of the world’s largest travel companies, has announced the sale of its Thailand-based hotel management business, Cross Hotels & Resorts, and Indonesia-based PT Bespoke Hospitality Management Indonesia (collectively as “Cross”) to South Korea-based hospitality group Sono International Co., Ltd. (“Sono International”). Cross manages a portfolio of 28 properties across Thailand, Indonesia, Vietnam, and Japan. Specialising in lifestyle, wellness, and luxury hospitality, Cross Hotels & Resorts operates under five brands: Cross, Cross Vibe, Away, Lumen, and Cross Collection. Following the acquisition, Cross Hotels & Resorts will continue to operate from its headquarters in Bangkok, leveraging Sono International’s network and resources to accelerate its regional expansion. The company has set a growth target of reaching 100 hotels under management by 2030. The financial terms of the transaction have not been disclosed.
Jardine Matheson Launches USD4.2 Billion Privatisation Offer for Mandarin Oriental
Hong Kong-based Jardine Matheson Holdings Limited (“Jardine Matheson”) has announced a privatisation offer for Hong-Kong based Mandarin Oriental Hotel Group (“Mandarin Oriental”), valuing the luxury hotel group at approximately USD4.2 billion. The offer price represents a 52.3% premium to Mandarin Oriental’s last closing price of USD2.20 on 29 September 2025, and a 53.7% premium to its net asset value of USD2.18 per share as at 30 June 2024. Jardine Matheson, which already owns 88.04% of Mandarin Oriental, stated that the proposed privatisation would simplify its corporate structure and better support Mandarin Oriental’s growth objectives. Mandarin Oriental currently operates 43 hotels, 12 branded residences and 26 homes across 26 countries.
CG Capital to Develop Five New Hotels in Phuket and Koh Samui with THB5 Billion Investment, Thailand
Thailand-based CG Capital Advisory Co., Ltd. (“CG Capital”), the private equity arm of Central Group of Companies Co., Ltd. (“Central Group”), has announced plans to develop five new hotels in key resort destinations across Thailand, four in Phuket and one in Koh Samui. The projects represent a combined investment of over THB5 billion. CG Capital has been actively expanding and investing in Thailand. The group has been established in 2024 with its initial THB10 billion budget; To date, THB8.5 billion in equity has already been committed across seven projects, with the remaining THB1.5 billion expected to be allocated to one or two additional developments. The announcement coincides with CG Capital’s launch of the 88-unit InterContinental Residences Bangkok Asoke, a THB5.5 billion branded condominium project in collaboration with UK-based InterContinental Hotels Group (“IHG”). Located in Bangkok’s Asoke area, the development marks IHG’s first-ever standalone InterContinental-branded residential project globally, reinforcing CG Capital’s growing footprint in both the hospitality and residential sectors in Thailand.
