Lotus One Investment, part of Singapore-based conglomerate Lotus Singapore, has acquired the 49-room hotel Duxton Reserve Singapore, Autograph Collection, for 80 million Singapore dollars ($61.5 million).
The price per key is approximately SG$1.63 million, and the seller, also from Singapore, is SSG Pte. Ltd., a division of Garcha Group.
The Duxton Reserve comprises eight, three-floor shophouses and has, according to Lotus, “a 99-year lease that commenced on Sept. 28 1988.”
The hotel is located in the Tanjong Pagar Conservation Area in Singapore’s Chinatown, not far from the Marina Bay district. Singapore bestowed an Urban Redevelopment Authority Architectural Heritage Award on it.
According to CoStar, Garcha acquired the hotel in January 2013 for SG$50 million when it was named the Berjaya Hotel.
Until 2021, the hotel was part of the Six Senses brand, which IHG Hotels & Resorts acquired in early 2019.
During Six Senses’ involvement, the hotel had a design overhaul by the studio of Anouska Hempel.
CoStar data shows the hotel was built in 1860.
The Duxton Reserve news comes on the heels of a busy last two months of hotel transaction activity in Singapore.
In May, Singapore’s CapitaLand Integrated Commercial Trust Management Ltd. sold the 299-room Citadines Raffles Place Singapore for SG$280 million — approximately SG$936,500 per key — to a buyer believed to be BlackRock in a joint venture with Malaysia’s YTL Hotels.
In April, Singapore sovereign wealth fund GIC acquired a 35% share of five hotels in India from Indonesian owner Samhi Hotel Investments for a total of 7.52 billion Indian rupees ($88.1 million).
Also in April, real estate investment trust SC Capital Partners acquired the 165-room hotel formerHotel Gran Cerezo Kagoshima in Kagoshima, the provincial capital of the Japanese island of Kyushu. It renamed it the Hotel Oriental Express Kagoshima Tenmonkan.
The price tag was not disclosed, but the funding came from SC Capital Partners' $1 billion Japan Hospitality Fund I, which closed in 2022.
Lotus, a family office with investments across South Asia, had not returned correspondence from CoStar News at press time.