Located along Unity Street in the Robertson Quay district, The Robertson House will be divested at 4% above book value. (Image: Google Maps)
Lodging trust CapitaLand Ascott Trust (Clas) is divesting The Robertson House by The Crest Collection — a 336-unit luxury hotel along the Singapore River — to an unrelated third party for $360 million.
Clas will recognise a net gain of about $38.1 million. Net proceeds from the divestment, expected to be completed in 3Q2026, coming out to $341.7 million, the Singapore-listed lodging trust said in a May 29 announcement.
The price works out to nearly $1.1 million per key, and is 4% above book value as at end-2025. The exit yield is 2.3%, computed based on FY2025 Ebitda.
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Given the planned sale, The Robertson House by The Crest Collection will be concluding operations in mid-July 2026, its website states.
The Robertson House, previously known as Riverside Hotel Robertson Quay and, prior to that, Park Hotel Clarke Quay. (Image: Google Maps)
Located along Unity Street in the Robertson Quay district, the 10-storey hotel was formerly the Riverside Hotel Robertson Quay. It had reopened in late 2023 as The Robertson House after a seven-month refurbishment and rebranding under The Crest Collection.
Prior to that, it was known as Park Hotel Clarke Quay (PHCQ), which had been embroiled in a legal dispute surrounding its closure, according to media reports. During the pandemic, the PHCQ operator defaulted on rent in 2020 and failed to pay nearly $6 million in debt, after which the landlord Ascendas Hospitality Reit terminated the master lease and repossessed the property in August 2021. PHCQ was wound up by the High Court in November 2021.
In the latest announcement on May 29, Serena Teo, CEO of Clas’ managers, said the divestment of The Robertson House will enhance Clas’ financial flexibility and enable it to redeploy the proceeds into higher-yielding properties, support its asset enhancement initiatives (AEIs), repay higher-interest debt, and/or fund general corporate purposes.
“We will continue to pursue value-accretive opportunities in Singapore and other developed markets to strengthen the resilience of our portfolio,” Teo noted.
Clas will be able to redeploy the divestment proceeds into higher-yielding properties, said Serena Teo, CEO of Clas' managers. (Photo: CapitaLand Ascott Trust)
After the sale, Clas will have four lodging properties in Singapore. Three are operational: Ascott Orchard Singapore with 220 serviced apartments, as well as co-living properties lyf one-north Singapore and lyf Funan Singapore.
The fourth property, Somerset Clarke Quay SIngapore, is under redevelopment. Formerly Somerset Liang Court Singapore, this 192-unit serviced residence with a hotel licence is on track to be completed around end-2026, according to the announcement. It is expected to begin contributing income progressively from early 2027.
In the first quarter of 2026, Clas’ Singapore portfolio saw revenue per available unit grow by 2% y-o-y, driven by higher occupancy.
Besides the Clarke Quay property’s redevelopment, the lodging trust has four other properties undergoing AEIs in 2026 and 2027.
These are located in gateway cities around the world: Citadines Place d’Italie Paris in France, The Cavendish London in the UK, Sotetsu Grand Fresa Osaka-Namba in Japan, and Sheraton Tribeca New York Hotel in the US.
Clas is a stapled group comprising CapitaLand Ascott Reit and CapitaLand Ascott Business Trust. Clas’ sponsor is The Ascott Limited, a wholly owned subsidiary of Singapore-listed CapitaLand Investment.
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