The 299-room Citadines Raffles Place Singapore has changed hands.
Singaporean investment firm CapitaLand Integrated Commercial Trust Management Ltd. sold the serviced-residences-style hotel in Singapore's Marina Bay neighborhood for 280 million Singapore dollars ($217 million) or approximately SG$936,500 ($725,000) per key.
CapitaLand did not disclose the buyers in official documents about the sale, but Asian news site Mingtiandi cites New York City-based investment firm BlackRock in a joint venture with YTL Hotels, the hotel operations division of Malaysia's YTL Group, as the buyers.
Neither responded to confirm the sale as of press time.
At the time of the sale, CapitaLand had a market capitalization of approximately $12 billion.
The new owners acquired 100% of Glory SR Trust, the CapitaLand division that held the ownership of the hotel component of the 51-floor CapitaSpring skyscraper, the other 30 or so floors being held by Glory Office Trust.
CapitaLand Integrated Commercial Trust Management held a 45% interest in Glory SR through CapitaLand Commercial Trust.
That 45% CICT said was valued at the end of 2024 to be SG$216 million.
According to CoStar, the Citadines Raffles Place Singapore, operated by Ascott International Management, opened in February 2022. The rest of the 88 Market St. building — approximately 30 additional floors are comprised of office space — was not part of the sale.
More of an aparthotel than a traditional hotel, the Citadines requires a six-night minimum stay.
CapitaLand’s news release stated “CICT’s share of the sale consideration to be received is estimated to be SG$37.8 million, subject to completion adjustments, after taking into account, amongst other things, the agreed value and the repayment of the existing unit-holder loans owed by Glory SR Trust to the vendors. The sale is expected to be completed by the second quarter of 2025.”