Consortium Led Atelier Capital Partners Singapore Buys Capri Fraser Changi City
Atelier Capital Partners Singapore (ACP) has announced its acquisition of Capri by Fraser, Changi City, through a consortium led by ACP and Fortez Capital from Hong Kong. The consortium includes Atelier Capital Changi, a joint venture between ACP and global real estate fund TPG Angelo Gordon, which will hold a majority share. Other members of the consortium include Heeton Holdings and Dorsett Hospitality International (DHI). DHI, a subsidiary of Far East Consortium International, will operate the hotel under the new name Dorsett Changi City Singapore. The exact purchase amount and ownership distribution among the consortium members have not been disclosed.
The sale of Capri by Fraser, Changi City was first reported in January, with Frasers Property as the seller. On March 19, Frasers Hospitality Trust (FHT) released a statement that its sponsor, Frasers Property, had informed FHT of their intention to sell the hotel to a third party. FHT would not be exercising its right of first refusal for the property.
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According to sources, the consortium is purchasing the 313-key hotel for $170 million, which translates to approximately $543,131 per key. Capri by Fraser, Changi City is a 12-story building located at 3 Changi Business Park Central 1. It is part of an integrated development on a 60-year leasehold site awarded by JTC to Frasers Centrepoint and Ascendas Land. The hotel opened in 2012 and was previously sold to Frasers Property for $203.4 million in 2014. The remaining lease term for the property is approximately 45 years.