SINGAPORE PRESS-Japan's Daisho Group buys Westin Singapore for S$468 mln - Business Times
Just over a month after officially opening its doors to guests, The Westin Singapore hotel has been sold for S$468 million ($369.57 million) to Japan-based property developer and investor Daisho Group.
Daisho's acquisition of the 305-room, 99-year leasehold hotel located in Asia Square Tower 2 at Marina Bay is its maiden investment in Singapore. The purchase price translates into a hefty S$1.5 million per room, possibly a record for a hotel here.
The seller is a fund managed under MGPA, a private-equity property investment advisory firm. MGPA's original asking price was S$2 million per room, or about S$610 million in total.
MGPA is owned by asset manager BlackRock, which bought over the firm for an undisclosed sum in a deal that was completed in October.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 1.2663 Singapore dollars) (Reporting by Rujun Shen; Editing by Subhranshu Sahu)
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