OUE Limited and Tokyo Century Corporation have formed a joint venture to acquire the Crowne Plaza Changi Airport from OUE Real Estate Investment Trust for S$500m. The acquisition, announced on 24 June 2026, was agreed upon following an independent valuation by Savills Valuation and Professional Services.
The Crowne Plaza Changi Airport, a 575-room hotel managed by InterContinental Hotels Group, is renowned for its strategic location and has been recognised as the World’s Best Airport Hotel for 11 consecutive years. The property, which includes a main wing and an extension, offers a range of facilities such as a ballroom, function rooms, and an Italian restaurant.
This acquisition marks the second collaboration between OUE and Tokyo Century, following their previous joint venture for the development of Hotel Indigo Changi Airport. The joint venture, named OUE TC Airport Hotel Trust, is equally owned by subsidiaries of both companies.
The purchase agreement includes a put and call option, allowing the joint venture to acquire the leasehold estate and business operations of the hotel. The transaction aims to strengthen the hotel’s competitive position through potential asset enhancement initiatives.
Tokyo Century, a leading Japanese financial services company, has been expanding its hotel business since 2016. This acquisition further solidifies its presence in the hospitality sector, whilst OUE continues to diversify its portfolio. The completion of the transaction is subject to various conditions, including regulatory approvals.
