The 250 room hotel with a ground floor retail asset sits on JTC land with a 30+30 year initial lease tenure, to expire come January 2068. Coliwoo is targeting to complete the transaction by Mar 31, and plans to convert the asset into co-living use. This includes intensifying room count from the current 250 rooms to 360 rooms, and potentially a refresh of existing amenities at the hotels including a swimming pool and a gym.
DBS Group Research is keeping a "buy" call and 88 cents target price on co-living operator Coliwoo following its recent acquisition of Park Avenue Hotel Changi from ESR REIT for $101 million.
See more: Coliwoo buys hotel at Changi Business Park from ESR-REIT for $101 mil
