Atelier Capital Partners Singapore (ACP), a joint venture between Hong Kong family office Atelier Capital Partners and Singapore’s Fortez Capital,  is leading a consortium to acquire Capri by Fraser, Changi City, said the company in a September 3 release.

The consortium includes Atelier Capital Changi (a joint venture between ACP and global real estate fund TPG Angelo Gordon), which will hold a majority share. Other consortium members include Singapore-listed Heeton Holdings and Dorsett Hospitality International (DHI). DHI, a subsidiary of Hong Kong-listed Far East Consortium International, has been appointed to operate the hotel, which will be rebranded as Dorsett Changi City Singapore.

ACP did not disclose details on the purchase amount for the hotel or the ownership split between the consortium members.

Frasers Property was first reported to have put Capri by Fraser, Changi City on the market in January. On March 19, Frasers Hospitality Trust (FHT) announced that its sponsor, Frasers Property, had notified FHT of its intention to divest its interest in the hotel to a third party and that FHT would not be exercising its right of first refusal over the property.

According to Mingtiandi, the consortium is purchasing the 313-key hotel for $170 million, which translates to about $543,131 per key.

Capri by Fraser, Changi City is a 12-storey building located at 3 Changi Business Park Central 1. The hotel is part of an integrated development on a 60-year leasehold site awarded by JTC to Frasers Centrepoint and Ascendas Land. The hotel opened in 2012 and was sold in 2014 to Frasers Property for $203.4 million. It currently has a balance lease term of about 45 years.