Former Hotel Miramar bought for $160m to get revamp and new name
Singapore-based Wee Hur has secured a significant stake in a fund managed by Aravest, a local asset management firm, acquiring the former Hotel Miramar in Havelock Road for a total of $160 million. This transaction values the property at approximately $465,100 per room, marking a substantial investment that reflects both the potential and the evolving landscape of the hospitality sector in Singapore.
The Hotel Miramar, which ceased operations at the end of October 2025, is set for a substantial refurbishment and will be rebranded as DoubleTree by Hilton Singapore Robertson Quay, aiming to open its doors in the fourth quarter of 2026. This strategic move not only underscores the partnership between Wee Hur and Aravest but also highlights Hilton’s ongoing commitment to expand its portfolio in Singapore, which continues to show promise in the hospitality sector.
The acquisition signifies Wee Hur’s continuous efforts to diversify its investment portfolio, particularly in high-demand areas like hospitality. Previously fully owned by Wee Hur Property, the transaction is seen as an important step, with the company holding a “significant minority stake” in the fund managed by Aravest, according to a joint statement released by both parties.
The key figure behind this initiative is Moses Song, chief executive of Aravest, who expressed optimism about the project. “Ideally, we hope to open in advance of the Finance next year,” he noted, reflecting the potential for rapid growth and development within the area.
Further insights into the redevelopment plans reveal that significant enhancements will be made to the Havelock Road property, which includes upgrading its facilities to meet contemporary standards. As part of the refurbishment, notable changes will involve the lobby, fitness center, and pool areas to align with the expectations of modern travelers and enhance guest experiences.
In light of the ongoing redevelopment, Aravest has extended its interest in attracting more investors into the hospitality sector. The firm highlighted the increasing demand in the Singapore market for hotels and associated services, particularly in the context of a recovering global tourism sector post-pandemic.
In addition to the renovations, the owners have explored various options regarding the accommodation configuration. They have decided to address several factors such as the average room size, which will be optimized to enhance guest experience. This may involve configuring rooms to a standard size of around 280 square feet, thereby providing a more spacious atmosphere contrasted with existing hotel standards.
Clarence Tan, Hilton’s senior vice president of development for Asia-Pacific, also commented on the significance of this acquisition. He acknowledged the benefits of rebranding and considered this announcement a vital strategy for the future of Hilton in the region. “We believe that a brand with a strong heritage like DoubleTree caters perfectly to business and leisure travelers looking for quality hospitality,” he stated.
As part of the project’s financial considerations, each DoubleTree room is anticipated to fetch rates reaching $240 in the current market, which is seen as a stabilizing factor for the future operations of the hotel. Additionally, Hilton has been proactive in scouting potential operators for the property, aiming to maximize the return on their investment while ensuring high service standards that align with the Hilton brand.
When queried about the motivations behind Aravest’s acquisition and future plans, Moses Song elaborated on the firm’s broader vision for expanding its hospitality portfolio in Asia-Pacific. They plan to give priority to the redevelopment of the Havelock site before pursuing additional assets in the region. “We see a clear pathway in this sector that aligns with our investment strategy,” he asserted.
With the increasing demand for quality accommodation options in Singapore and the surrounding area, this acquisition is timed strategically. The renewed focus on hospitality development is expected to contribute positively to the local economy, providing job opportunities and boosting tourism when the facility opens under its new branding.
In conclusion, this significant investment by Wee Hur and Aravest reflects a broader trend within the hospitality industry to enhance and modernize existing properties to meet the evolving needs of travelers. As construction begins on the transformed DoubleTree by Hilton Singapore Robertson Quay, stakeholders are optimistic about the benefits that revitalization efforts will bring to both the property and the local community.
Aravest’s portfolio already includes notable properties, such as the 434-room Conrad Seoul, acquired in August 2022 from Brookfield Asset Management, adding approximately 400 billion won to its assets. As the firm continues to broaden its influence in the market, its clear strategy of refurbishing and revitalizing existing properties positions it well for future growth in a competitive landscape.
As Singapore steadily emerges from the pandemic’s impact, hospitality growth plans such as these will be critical in reinvigorating the tourism sector and ensuring that the region remains a premier destination for both business and leisure travelers alike. The reopening of such establishments not only promises to cater to a wider audience but also strengthens Singapore’s reputation as a global hub.