Priced per key.

Singapore’s hotel market has spent 2025 quietly changing hands. The Orchid Hotel in Tanjong Pagar traded at S$273 million, just over S$1 million per key for its 272 rooms, to a partnership between a Singapore investor and Canada’s Westmont Hospitality. The 49-room Duxton Reserve went for S$80 million, better than S$1.6 million per key. Wee Hur and Aravest took the former Hotel Miramar at S$160 million to reflag it as a DoubleTree. A BlackRock-led consortium acquired Momentus Serviced Residences Novena at about S$100 million, and, with YTL, Citadines Raffles Place at S$280 million.

Set aside the individual stories and read the tape as one statement: global institutional capital, Canadian, American, Malaysian, is paying seven figures per room for Singapore hospitality, across every format from boutique heritage to serviced residence.

Per-key arithmetic is the honest measure in this sector, and it is worth doing plainly. At S$1 million per key and a stabilised revenue per available room in the low S$200s, the yield on cost is thin. These buyers are not underwriting today’s cash flow. They are underwriting three structural positions: that Singapore room supply is effectively capped by land policy; that the city’s convention, financial and tourism calendar keeps occupancy above eighty percent through cycles; and that replacement cost will only rise.

Note also the two-tier structure emerging. Large-format assets clear at around S$1 million per key, where the buyer is paying for scale and location. Small boutique assets clear at half again more per room, because a 49-key hotel in a conservation district is as much a collectible as a business. The same bifurcation we observe in shophouses, land versus address, has arrived in hospitality.

For the private owners of Singapore’s remaining independent hotels, often families holding assets acquired decades ago, this is the most liquid sellers’ window in years, and the buyers are sophisticated, discreet and funded. For investors, entry at these levels is a long-duration position on the city itself.

Zaiwealth represents owners and acquirers of hotels and hospitality assets in Singapore. Enquiries are handled in confidence.