Duxton Reserve hotel sold to Lotus One Investment for S$80 million
[SINGAPORE] Duxton Reserve, a 49-key boutique hotel in Tanjong Pagar, has been sold by Singapore-based hospitality company The Garcha Group to a family office for S$80 million, or about S$1.63 million per key.
The sale confirms an earlier report by The Business Times, which reported that due diligence was being done on the property at a price of about S$80 million. A round of expressions of interest in December had pulled in strong interest, 'mainly from local ultra-high-net-worth individuals, family offices and a couple of foreign buyers'.
On Friday (May 16), marketing agent JLL Hotels & Hospitality Group said the hotel had been sold to Lotus One Investment, the Singapore-based investment arm of Lotus Singapore, a family office focused on ventures in South Asia.
JLL said: 'The acquisition aligns with Lotus One Investment's hospitality and real estate strategy, which centres on long-term, value-oriented investments in iconic and culturally significant assets.'
Duxton Reserve Hotel comprises eight three-storey conservation shophouses with a built-up area of about 34,000 square feet (sq ft). Located at 80 and 83 Duxton Road, the restored heritage boutique hotel is on a 9,775 sq ft site that has 62.5 years left on its lease.
The hotel, which has 49 guest rooms and suites ranging from 20 square metres (sq m) to 51 sq m in size, operates under the Marriott International Autograph Collection brand.
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Satinder Garcha, founder of The Garcha Group, acquired the property for S$50 million in 2013, when it was known as Berjaya Hotel. He invested significantly in its refurbishment, and hired British interior designer Anouska Hempel, but preserved its 49 rooms and suites.
For the group, the sale represents a strategic capital reallocation which would enable the group to focus on new development projects and expand its brand both locally and internationally, said JLL.
Tan Ling Wei, senior vice-president of investment sales at JLL Hotels & Hospitality Group, said the sale campaign drew strong investor interest due to the 'high-quality and unique nature' of the asset.
She added: 'The enthusiastic response underscores the growing appeal of boutique heritage properties – particularly those converted from shophouses – which are increasingly sought-after for their strong capital appreciation and potential for stable returns.'
Shophouse hotel properties have attracted increasing interest; more such deals could be closed in the second quarter.
The purchase of a 48-key boutique hotel for about S$100 million is underway, at a near-record price tag of S$2.08 million per key. Another property, RB Family Office's Hotel 1900 in Mosque Street, was put up for sale in April at a guide price close to the 138-room property's S$170 million valuation.
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