Blackstone makes big investment in Singapore

Investment group Blackstone and Malaysia's CIMB Bank will invest in three Sentosa Cove properties in Singapore owned by City Developments (CDL), including the W Singapore hotel, in a complex transaction valued at S$1.5 billion, or around US$2 billion.

As reported by Channel News Asia, the investment in the Quayside Collection – comprising the W hotel, the Quayside Isle retail complex and the Residences at W Singapore – will be via an investment instrument called a Profit Participating Security (PPS) that will give investors a fixed payout based on 5 percent interest per annum for a period of five years, in addition to a participation in the cashflow over the period that they hold the PPS.

CDL Executive Chairman Kwek Leng Beng said: “This offers investors a rare opportunity to participate in the cashflow from high-quality assets in Sentosa Cove. By leveraging on the operating strength and solid cashflows of the Quayside Collection, we will be able to build and deploy capital for our global plans.”

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.
Read more on

Suggested Articles

Construction of the hotel on the site of the historic Equity Chambers building has commenced and the project is expected to open by Q2 2020.

Al Messila, A Luxury Collection Resort & Spa in Doha, has 152 rooms and suites.

Millenium purchased the property with its own resources as well as with a secured loans mortgage from Bilbao-based Kutxabank.