From top deals and developments to the Rising Star Award, HICAP honored the ongoing achievements of industry leadership.
SINGAPORE
– The HICAP Deal of the Year Awards were announced during the event held last
week at the Fairmont Singapore & Swissotel The Stamford. Winners were named
for the Reggie Shiu Development of the Year, Single Asset Transaction of the
Year and the Merger & Acquisition of the Year.
In addition, the International Society of Hospitality
Consultants, in partnership with HICAP, named the Rising Star Award Asia
Pacific.
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 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.
Single Asset Transaction of the Year Award (l. to r.): Jonathon Zink, The BHN Group by Northstar; Edward Kusma, Harmoni Bali (representing 21 Carpenter); Kieran Bestall, Ares Management Corp. (representing The Standard Maldives); Dora Stilianos, Baker McKenzie
21 Carpenter Singapore and The Standard
Maldives won Single Asset Transaction of the Year Award.
Timemerchant Capital acquired 21 Carpenter, a 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 reimagined by WOHA
Architects with a modern five-story 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
Standard, Huruvalhi Maldives, a 5-star all-villa private island resort, was
acquired for an undisclosed price by Ares Management from Maldivian
entrepreneur Amir Mansoor on December 10, 2024. 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.
Merger & Acquisition of the Year Award (l. to r.): Jonathon Zink, The BHN Group by Northstar; Amit Nagpal, Padmanabhan Venkattachalam, Rachel Huang and Bastien Touzeau, Hyatt Hotels Corp.; Andrew MacGeoch, Bird & Bird
Standard International was named Merger &
Acquisition of the Year. On October 1, 2024, Hyatt Hotels Corp.
acquired Standard International, parent of the Standard and Bunkhouse brands,
for US$150 million with potential for up to US$185 million in earnout.
The
asset-light deal added 22 operating hotels and 30-plus in pipeline at closing
across 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.
Karan Mahesh, STR CoStar, was named Rising Star Award
Asia Pacific award winner. The award recognizing an emerging leader in the
hospitality industry who has demonstrated exceptional professional growth,
leadership, and impact in the Asia Pacific region went to Mahesh, senior sales
– South & Southeast Asia, for STR CoStar. The International Society of Hotel Consultants (ISHC) and HICAP recognizes an
emerging leader in the hospitality industry who has demonstrated exceptional
professional growth, leadership, and impact in the Asia Pacific region.
Born and raised in India, Karan began his career in sales
and marketing with ITC Hotels in Bangalore, where his talent and drive quickly
led to a series of promotions from property-level roles to the corporate
office. In 2019, he joined STR (a CoStar company) as account manager for
Central and South Asia, where he distinguished himself through his ability to
build strong client relationships, expand data coverage, and grow revenue
across diverse markets including India, Sri Lanka, and the Maldives.
Now based in Singapore, Mahesh leads STR’s business
development efforts across South and Southeast Asia, representing CoStar at
major industry conferences and investment forums. His collaborative approach
and thought leadership have earned him recognition as a trusted advisor among clients
and colleagues alike. Beyond his commercial achievements, Mahesh is deeply
committed to mentorship, regularly guiding interns and junior colleagues in
their professional growth.
Andrea Belfanti, CEO of ISHC, remarked, “We are delighted to
recognize Karan as the recipient of the 2025 Rising Star Award Asia Pacific.
This award celebrates emerging leaders who are shaping the future of
hospitality through innovation, excellence, and passion. Karan’s achievements
and commitment to advancing our industry embody the very spirit of this
recognition. Congratulations, Karan.”
AloJapan.com