Singapore-listed Wee Hur Holdings has invested in an Aravest-managed fund that has acquired a Singapore hotel for S$160m (€106.5m).
Through its subsidiary, Wee Hur Property, the company has taken a “significant minority stake” in the fund and will serve as the The transaction marks the diversified property developer’s entry into the hospitality sector.
The partners will reimagine the 344-key riverfront property, formerly Hotel Miramar at Robertson Quay, which will be rebranded Double Tree by Hilton, the International hotel chain’s first hotel in the city state. The conversion is due to be completed next year.
Goh Chengyu, CEO, Wee Hur Property, said: “This partnership reflects our commitment to working with like-minded partners to deliver high-quality developments that enhance Singapore’s hospitality landscape and create long-term value for all stakeholders.”
Moses K Song, CEO, Aravest, said: “Partnering with Hilton to open the first DoubleTree by Hilton property in Singapore marks an exciting new chapter for this prime riverfront property.”
Song said the venture reflected his firm’s “high conviction in Singapore’s attractiveness as both a commercial and leisure destination”.
Maria Ariizumi, vice president, development, South East Asia, Hilton, said: “This signing will expand the property’s market reach and unlock greater long-term returns, while contributing to the vibrancy of Robertson Quay. It reflects our strategic and purposeful expansion approach—bringing the right brand to the right place with the right partners.”
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