HICAP 2020 Deal of the Year Award Finalists

Published October 2020

The organizers of the annual Hotel Investment Conference Asia Pacific (HICAP), announced the winners of the HICAP Deal of the Year Awards in the categories of Reggie Shiu Development of the Year, Single Asset Transaction of the Year, and Merger & Acquisition of the Year. The awards were presented at the 31st annual HICAP, held virtually on 21-23 October 2020. 

Ace Hotel Kyoto, Japan was named Reggie Shiu Development of the Year. This 213-room LEED Silver certified hotel opened in June 2020 and brings new life to a beautiful 100-year old brick building, becoming a new gathering place for locals and travelers alike. Designed with an admiration of a cross study between East and West, Travel and Leisure has declared it “Japan’s most stylish hotel”. Through a central courtyard, the brick building converses and creates a new harmony with a wooden grid system reminiscent of traditional Kyoto. Discovered stones from the grounds of a former Heian era residence upon which the hotel is built were salvaged and resurrected as a waterfall in a beautiful rooftop garden facing the hotel’s main restaurant. Project specs are as follows: the owner is NTT Urban Development Corporation; the operator is the Ace Hotel Group; architecture by Kengo Kuma and Associates; designers are Commune Design, Irie Miyake Architects; and the development cost was undisclosed. Finalists in this category also included the Ritz-Carlton Nikko, Japan and the Rosewood Guangzhou, China. 

Andaz Singapore, Singapore was named Single Asset Transaction of the Year. In November 2019, the iconic Andaz Singapore was acquired by Hoi Hup Realty Pte Ltd from M+S Pte Ltd for SGD 475 Million. The transaction represents the largest single hotel transaction ever in Singapore. Originating from the historic land-swap deal between the Singaporean and Malaysian government, the Hotel formed part of the landmark mixed-use development, DUO. Underpinned by its historic legacy and rarity of a full-service luxury hotel offering in Singapore, the acquisition of the Andaz fulfilled the buyer’s strategy for acquiring a core, trophy real estate investment for their expanding hotel portfolio. Finalists in this category also included the Hilton Odawara Resort & Spa, Japan and the Oakwood Premier OUE Singapore, Singapore.  

KSL Capital Partners investment in Soneva was named Merger & Acquisition of the Year. On 15 November 2019, an affiliate of KSL Capital Partners acquired a significant minority stake in Soneva, one of the world’s leading luxury resort developers and operators. Soneva operates a collection of luxury resorts in the Maldives (Soneva Fushi and Soneva Jani) and Thailand (Soneva Kiri). The investment from KSL Capital Partners includes capital to buyout the minority stake of Sailing Capital and funds to support Soneva’s short-term and long-term development goals. The transaction establishes a partnership between Sonu Shivdasani (Founder and CEO), a pioneer of the ultra-luxury island resort characterized by intelligent luxury and KSL Capital Partners, a private equity firm focused solely on the travel and leisure industry with a track record of raising over US$13 Billion of capital and executing over 40 investments globally over nearly 30 years. Finalists in this category also included Asset World Corporation acquisition from TCC and New Zealand Hotel Holdings Asset LP acquisition of Various Hotel Owning Entities in New Zealand.