HICAP 2025 Deal of the Year Award Winners Announced

Singapore – The organizers of the 35th annual Hotel Investment Conference Asia Pacific (HICAP) are pleased to announce 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 the Merger & Acquisition of the Year. The HICAP Deal of the Year Awards highlight the most dynamic deals and developments, and honor the ongoing achievements of our industry’s leaders. HICAP was held 22-24 October 2025 at the Fairmont Singapore & Swissotel The Stamford.

Patina Osaka in Osaka, Japan was named Reggie Shiu Development of the Year Award. Adjacent to Osaka Castle, set on the hallowed grounds of Japan’s first recorded imperial capital — established nearly 1,400 years ago — Patina Osaka represents a visionary hotel investment that harmonizes cultural heritage with modern luxury. The project overcame significant regulatory challenges due to the site’s historical sensitivity. Opened on May 1, 2025, as Japan’s first Patina hotel, the 221-room property was developed by NTT Urban Development for an undisclosed amount and operated by Capella Hotel Group. With sustainable architecture, lush green spaces, refined Japanese craftsmanship, and deep historical reverence, Patina Osaka stands as a transformative revitalization project — an investment of rare cultural and strategic value. Finalists in the category also included Mandai Rainforest Resort by Banyan Tree in Singapore and Raffles Sentosa Singapore in Singapore.

This year there were two recipients of the Single Asset Transaction of the Year Award -- 21 Carpenter Singapore in Singapore and The Standard Maldives in Maldives. Timemerchant Capital acquired 21 Carpenter, an iconic 48-key heritage boutique hotel, from 8M Real Estate in a landmark off-market transaction. The property comprises four conservation shophouses from 1936 that were expertly reimagined by WOHA Architects with a modern five-storey rear extension. The deal, which completed on 16 June 2025 for a value of circa SG$100 Million, represents the largest shophouse transaction by quantum in Singapore. The acquisition also marks Timemerchant Capital's first hotel purchase in the city, highlighting the strong investor demand for unique, high-quality hospitality assets. The highly acclaimed hotel has earned multiple accolades, including the prestigious President's Design Award 2025 for "Design of the Year", positioning it as a benchmark for design-driven luxury hotels in the region. The Standard, Huruvalhi Maldives, a 5-star all-villa private island resort, was acquired by Ares Management from esteemed Maldivian entrepreneur Amir Mansoor on 10 December 2024, with the selling price undisclosed. This landmark transaction facilitated a seamless integration into Hyatt’s global platform, with the first phase completed by May 2025. A comprehensive property improvement plan is enhancing the guest experience without disruption. A highly experienced general manager was appointed in April 2025 to lead the resort’s vision. Bolstered by Male’s new airport terminal, the resort is poised for sustained growth as a premier luxury destination. Duxton Reserve Singapore in Singapore was also a finalist in the category.

Standard International LLC was named Merger & Acquisition of the Year. On October 1, 2024, Hyatt Hotels Corporation acquired Standard International LLC, parent of the Standard and Bunkhouse brands, for US$150 Million upfront plus up to US$185 Million in earnout. The asset-light deal added 22 operating hotels and 30+ in pipeline at closing across marquee global markets, strengthening Hyatt’s leadership in lifestyle and luxury hospitality. Structured to align incentives and preserve brand DNA, the transaction catalyzed the formation of Hyatt’s new Lifestyle Group under the leadership of Amar Lalvani and accelerated Hyatt’s evolution to an insights-driven and brand-focused organization. The acquisition marries Hyatt’s scale and loyalty platform with Standard International’s buzz-worthy portfolio. Since joining the World of Hyatt loyalty program, loyalty contribution to The Standard hotels is exceeding expectations. G6 Hospitality was also named a finalist in the category.

For additional information on HICAP or the awards programs, visit the website at www.HICAPconference.com. The 35th edition of HICAP took place 22-24 October 2025 at the Fairmont Singapore & Swissotel The Stamford. The 36th edition of HICAP will take place 20-22 October 2026 at the Fairmont Singapore & Swissotel The Stamford.