Blackstone, Gaw Capital Said to Weigh Ascendas Hospitality Bids

By Publications Checkout
Blackstone, Gaw Capital Said to Weigh Ascendas Hospitality Bids

Blackstone Group and Gaw Capital Partners are weighing bids for Ascendas Hospitality Trust, people with knowledge of the matter said.

The private equity firms are studying the Singapore-based hotel owner, which has a market value of S$838 million ($584 million), the people said, asking not to be identified as the information is private. Ascendas said last month it is reviewing strategic options after receiving unsolicited interest.

Any offer for Ascendas would add to $9.2 billion in acquisitions of Singapore property companies and real estate trusts announced in the past year, according to data compiled by Bloomberg. Lone Star Funds agreed in October to buy Saizen REIT’s Japanese assets for 44.7 billion yen ($380 million).

Ascendas Hospitality Trust fell 2 per cent to S$0.75 in Singapore trading Thursday. Representatives for Blackstone and Ascendas declined to comment. Sylvia Lee, a spokeswoman for Gaw Capital, didn’t immediately respond to e-mails and calls to her office seeking comment.

Reuters reported earlier Thursday in Singapore that Blackstone and Gaw Capital are considering separate bids for Ascendas, citing unidentified people.


Ascendas Hospitality Trust owns 11 hotels with 4,100 rooms in Australia, China, Japan and Singapore. Its properties include Novotel Sydney Central, Ibis Beijing Sanyuan and Park Hotel Clarke Quay, according to its website. It is backed by Ascendas, which also runs a business park trust and Indian property trust listed in Singapore.

News by Bloomberg, edited by Hospitality Ireland