A transaction exceeding SGD 260 million
Hotel investment and asset management specialist High Street Holdings Singapore (HSH) announced on 6 November 2026 that it had exited its investment in QT Singapore following a three-year holding period.
According to information published on 2 November 2026 by EdgeProp Singapore, Sunray Singapore sold the 134-room property to a family office for more than SGD 260 million (€182 million), representing a price exceeding €1.35 million per room.
The buyer’s identity has not been disclosed.
The transaction comes three years after Sunray acquired the asset in late October 2023 for an estimated SGD 170 million to SGD 180 million.
Potential value creation exceeding SGD 65 million (€45 million)
The property’s repositioning included a refurbishment programme involving approximately SGD 15 million in additional investment.
Based on the published figures, the combined acquisition and refurbishment costs would therefore have amounted to between SGD 185 million and SGD 195 million.
With a disposal price exceeding SGD 260 million, the transaction would indicate a gross difference of more than SGD 65 million, before transaction fees, financing costs, taxation and any other associated expenses.
However, this estimate should not be interpreted as a net return on investment, as the precise financing arrangements and equity allocation between the various partners have not been disclosed.
EVT and QT Hotels & Resorts central to the repositioning
Working alongside Sunray Woodcraft, High Street Holdings participated in the selection of Australian hospitality group EVT and its lifestyle brand QT Hotels & Resorts to operate the property.
This decision was accompanied by negotiations over the terms of the hotel management agreement, with the aim of improving potential shareholder returns.
The financial strategy also focused on optimising the capital structure. Drawing on their networks and banking relationships, the partners report having secured favourable financing terms from the outset of the acquisition.
A comprehensive refurbishment completed in under five months
The property’s transformation was one of the principal drivers of value creation.
Sunray Woodcraft carried out a comprehensive refurbishment of QT Singapore in less than five months, limiting disruption to operations and accelerating the hotel’s commercial recovery following its reopening.
According to High Street Holdings, this rapid execution was made possible by close coordination between the owner, the refurbishment contractor and the hotel operator.
The property was consequently able to embark swiftly on its new operating phase under the QT brand.
Strong commercial performance following repositioning
The operating figures reported by Sunray appear to confirm the improvement in the asset’s commercial positioning.
According to Charles Tan, an executive at Sunray Group quoted by EdgeProp Singapore, QT Singapore is achieving occupancy of approximately 90%, alongside an average daily rate (ADR) exceeding SGD 400.
These indicators demonstrate the property’s ability to combine high occupancy with sustained room rates.
However, they are insufficient on their own to assess the hotel’s operating profitability, as no detailed gross operating profit (GOP), EBITDA or operating margin figures have been published.
Two years of active asset management
Following the reopening, High Street Holdings and NineCo+ spent two years monitoring and optimising the property’s performance.
This active management approach focused particularly on revenue, operating costs and the various opportunities to improve the hotel’s profit and loss account.
HSH states that QT Singapore now regularly outperforms its competitive set, although detailed comparative figures have not been disclosed.
For the investor, value creation does not depend solely on capitalisation rate compression (cap rate compression) or favourable movements in the property market.
It also reflects the ability to deliver sustainable improvements in an asset’s financial performance, from the structuring of its acquisition through to its eventual disposal.
An example of a value-add hotel investment strategy
The disposal of QT Singapore illustrates a value-add investment approach, whereby investors seek to increase an asset’s value through a combination of refurbishment, commercial repositioning, financial optimisation and operational management.
In this case, value creation was driven by four complementary elements: the initial acquisition, the property’s rapid transformation, the selection of an appropriate operator and active performance management.
High Street Holdings emphasises that the transaction reflects its positioning as a specialist investor and hotel asset manager, while reaffirming its intention to pursue further investment opportunities.
At a Glance
Asset: QT Singapore, 134 rooms
Seller: Sunray Singapore, with High Street Holdings Singapore and NineCo+ involved in the investment and asset management strategy
Buyer: Undisclosed family office
Transaction value: More than SGD 260 million, exceeding SGD 1.94 million per room
Investment cycle: Acquisition in October 2023, SGD 15 million refurbishment and exit in 2026
Operating performance: Approximately 90% occupancy and average daily rate above SGD 400, according to Sunray Group
