Singapore-based Furama Hotels International has acquired the 73-room Skye Suites Sydney serviced apartment in Sydney, Australia, and the adjacent, ground-floor shopping mall from receivers for the former owner Crown Group Holdings.
CoStar data shows the acquisition cost is 57 million Singapore dollars ($44.5 million).
The Skye Suites Sydney is located in the city's central business district. It's part of the 25-level Arc by Crown building, which includes 173 apartments, a gym, a lap pool and rooftop courtyard.
Crown Group entered into a liquidation process in August 2023.
RealEstateSource.com.au reported that Crown "disintegrated in 2023 following a bitter split between co-owners Iwan Sunito and Paul Sathio."
Other Crown properties have sold in the last 12 months as well. Australian news outlet Financial Review reported the company's Skye Suites serviced apartment hotel in Green Square is owned by Sunito’s One Global Capital. The receivers for the Sky Suites in Parramatta are expected to put it up for sale later this year.
Furama has approximately 40 hotels and 7,500 rooms in Singapore, Australia, Indonesia, Malaysia and Thailand. Its one other Australian hotel also is in Sydney, the 370-room Furama Darling Harbour, formerly a Holiday Inn.
Hotel mergers and acquisitions involving Singaporean firms have been quite frequent in the first six months of 2025.
In March, Hotel Properties Limited acquired the 139-room InterContinental Auckland for 180 million New Zealand dollars ($109.2 million) from publicly listed Precinct Properties 1 Queen Street Limited.
In April, real estate investment trust SC Capital Partners acquired the 165-room Hotel Gran Cerezo Kagoshima in Kagoshima, Japan, which it renamed the Hotel Oriental Express Kagoshima Tenmonka and assumed management of the hotel. That same month, sovereign wealth fund GIC acquired a 35% share of five hotels in India from Indonesian owner Samhi Hotel Investments for 7.52 billion Indian rupees ($88 million).
In May, investment firm BlackRock acquired the Citadines Raffles Place Singapore for 280 million Singapore dollars from CapitaLand Integrated Commercial Trust Management. Later that month, Lotus One Investment — part of Singapore-based conglomerate Lotus Singapore — acquired the 49-room hotel Duxton Reserve Singapore, Autograph Collection for 80 million Singapore dollars.
In June, investment firm City Developments Limited sold its 50.1% stake in the South Beach Singapore to its joint-venture partner, Malaysia’s IOI Properties Group. The property contains the 634-room JW Marriott Hotel Singapore South Beach. That deal valued the asset at 2.75 billion Singapore dollars.