Wee Hur Holdings acquires MIRAMAR HOTEL for 160 million yuan, to be transformed into a Hilton Garden Inn. | Lianhe Zaobao

Local construction and developer Wee Hur Holdings has partnered with fund management company Aravest to acquire the Miramar Hotel in Singapore, which has been closed since the end of October this year, for SGD 160 million, and plans to transform it into a DoubleTree by Hilton hotel, expected to open in the fourth quarter of 2026. Wee Hur Holdings announced before the market opened on Monday that it has signed a cooperation agreement with Aravest and Hilton Hotels to convert the Miramar Hotel located at Robertson Quay into a DoubleTree by Hilton hotel. This will be the first time the DoubleTree by Hilton brand enters the Singapore market. This transaction also marks Wee Hur Holdings' first foray into the hotel investment sector. A company spokesperson responded to inquiries from Lianhe Zaobao, stating that the acquisition amount is SGD 160 million. Regarding hotel ownership, the spokesperson said that Aravest is the hotel owner, while Wee Hur Holdings' wholly-owned subsidiary, Wee Hur Properties, holds a significant minority stake in Aravest, with Hilton responsible for the hotel's operations. The hotel will undergo a comprehensive upgrade, including renovations of guest rooms, meeting spaces, restaurants, and the hotel lobby, while also adding new facilities such as a children's club and pickleball courts. New hotel to open in Q4 2026 After the renovations are completed, the riverside hotel, which has 344 guest rooms, is expected to open in the last quarter of next year. Wee Hur Holdings stated that it is inconvenient to disclose the specific costs of the upgrades. According to a joint announcement, the DoubleTree by Hilton brand is an ideal choice for owners looking to rebrand, thanks to its ability to flexibly respond to diverse market demands and its outstanding industry performance. Leveraging Hilton's strong commercial network, the brand can fully realize the value potential of full-service hotels. Further Reading Wee Hur Holdings to jointly develop and operate Weya International School Person of the Day: Wee Hur Holdings founder and executive chairman Eric Wu, despite setbacks in Australia, finds opportunities in life's uncertainties Wee Hur Real Estate CEO Wu Chengyu stated that all parties are confident in making the hotel a new benchmark for the local hotel industry. "This cooperation demonstrates our commitment to partnering with like-minded partners to create high-quality projects, enhance the overall level of Singapore's hotel industry, and create long-term value for all stakeholders." After the announcement, Wee Hur Holdings' stock opened high, rising more than 2% during the session. By the close, the stock price was reported at SGD 0.745, an increase of 2.76%. Analysis: The Timing of Wee Hur Holdings' Entry into the Hotel Industry is Appropriate Phillip Securities Chief Stockbroker Liu Weixiong pointed out in an interview that Wee Hur Holdings' acquisition of MIRAMAR HOTEL shows that the company is shifting from a traditional construction and development model to a strategic direction of long-term holding and operating assets. This strategy also complements the company's existing student dormitory business, helping to create a stable recurring income centered on accommodation assets. He said, "With the recovery of Singapore's tourism industry and the continuous rebound in hotel demand, coupled with the project's location at Robertson Quay, the timing for the company to enter the hotel industry is indeed appropriate and forward-looking. In addition, the company itself has construction and renovation capabilities, which can reduce the cost of enhancing project value." First Pacific Davis (Savills) Singapore Executive Director of Investment Sales and Capital Markets Ye Huiyi believes that the related acquisition transaction reflects the growing market demand for high-quality hotel assets located in prime locations, especially those that can be upgraded or renovated to meet traveler preferences. She said, "The strong recovery of the tourism industry, coupled with limited hotel supply, is expected to continue supporting healthy occupancy rates and room rate growth. The local hotel real estate market is expected to remain resilient in the coming years and continue to attract investor attention."