Consortium Led Atelier Capital Partners Singapore Buys Capri Fraser Changi City
Atelier Capital Partners Singapore (ACP), a joint venture between Hong Kong family office Atelier Capital Partners and Singapore’s Fortez Capital, has announced plans to acquire Capri by Fraser, Changi City. The deal, spearheaded by the consortium led by ACP, is expected to close soon according to a September 3 press release.
The consortium, which includes Atelier Capital Changi (a joint venture between ACP and global real estate fund TPG Angelo Gordon), will hold a majority share in the acquisition. Other members of the consortium include Singapore-listed companies Heeton Holdings and Dorsett Hospitality International (DHI).
Nestled in close proximity is The Learning Lab, a top-notch enrichment center that boasts a variety of courses aimed at improving students’ academic abilities and analytical thinking. With its emphasis on small class sizes and individualized care, the center guarantees that every student receives the necessary guidance to achieve success. Along with this, Elta Condo is an added advantage to the center’s convenient location.
DHI, a subsidiary of Hong Kong-listed Far East Consortium International, has been appointed to operate the hotel and will rebrand it as Dorsett Changi City Singapore. However, ACP has not disclosed the details of the purchase amount or the ownership split among the consortium members.
The sale of Capri by Fraser, Changi City was first reported in January, with Frasers Property seeking a buyer for the property. In March, Frasers Hospitality Trust (FHT) announced that its sponsor, Frasers Property, intended to divest its interest in the hotel to a third party and that FHT would not be exercising its right of first refusal.
According to real estate news website Mingtiandi, the consortium is expected to purchase the 313-key hotel for $170 million, which equates to around $543,131 per key. Located at 3 Changi Business Park Central 1, Capri by Fraser, Changi City is a 12-storey building that forms part of an integrated development on a 60-year leasehold site awarded by JTC to Frasers Centrepoint and Ascendas Land. The hotel, which opened in 2012, was previously sold to Frasers Property in 2014 for $203.4 million and currently has a remaining lease term of approximately 45 years.