The Ascott Ltd and CLI fund C-WELL acquire Hotel G for $238 million

By The Edge Singapore

/ The Edge Singapore |

January 9, 2024 4:50 PM SGT

Ascott and CLI fund C-WELL acquire Hotel G, to be converted to lyf Bugis. (Picture: Ascott)

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The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment (CLI) and CapitaLand Wellness Fund (C-WELL), have jointly acquired a freehold lodging property, Hotel G, in Singapore. Ascott and C-WELL each holds a 50% stake in the lodging property.

Located in Singapore’s downtown core district within walking distance to both Bugis and Bencoolen MRT train stations, the 308-unit Hotel G will be upgraded and rebranded under Ascott’s award-winning lyf (pronounced ‘life’) brand as demand for experience-led social living grows. Separately, Mingtiandi reported that Gaw Capital divested Hotel G for US$180 million ($238 million). The property will remain operational throughout the renovation period and be unveiled as lyf Bugis Singapore in mid-2024.

This is C-WELL’s first acquisition since announcing its first close in end-October 2023. C-WELL is CLI’s inaugural wellness and healthcare-related real estate fund anchored in Southeast Asia. The value-add fund will focus initially on Singapore, Thailand and Malaysia. With a target fund size of $1 billion on an upsized option, C-WELL will invest in single or mixed-used assets that span the healthcare, medical, wellness and preventive care spectrum.

“The acquisition is aligned with Ascott’s asset-light growth strategy, as we invest alongside our funds while growing a pipeline of quality assets that can be subsequently injected into our other funds. Tapping on our strong deal-sourcing abilities, we have added a strategically located freehold asset to our portfolio in our home ground of Singapore. With the rebranding of the property under the lyf brand coupled with Ascott’s award-winning operational expertise, lyf Bugis Singapore is well-positioned to capture travel demand while uplifting the value of the asset,” Kevin Goh, CEO of Ascott and CLI Lodging, says in a statement.

Adds Patricia Goh, CEO, Southeast Asia Investment CLI: “C-WELL focuses on investments with a healthcare and wellness-related angle and we are actively seeking quality opportunities that contribute to our scale, synergy, and sustainable growth in Southeast Asia. The Bugis-Bras Basah precinct, with its diverse mix of retail, workspaces, residential and medical facilities, has the potential to be transformed into a thriving hub for wellness and corporate healthcare, attracting both local and international visitors. Together with the other CLI-managed properties in the precinct, we now have the unique opportunity to develop an integrated wellness-hospitality ecosystem that meets the growing demand for wellness and healthcare-related tourism."

This article first appeared on The Edge Singapore.

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