OUE and Tokyo Century have established a joint venture (JV) to purchase Crowne Plaza Changi Airport from OUE Real Estate Investment Trust for S$500m ($385.4m).
Crowne Plaza Changi Airport is a 575-room hotel run by IHG Hotels & Resorts and located at Terminal 3 of Singapore Changi Airport.
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The property includes a 332-room main building and a 243-room extension.
It is linked to all airport terminals and Jewel Changi Airport by skytrain or a pedestrian bridge.
This is the second project involving the two companies.
In May 2025, they signed their first JV to develop the 255-room Hotel Indigo Changi Airport at Changi Airport Terminal 2.
The acquisition comes as Changi Airport gears up for further expansion, including Terminal 5 in the mid-2030s.
The JV plans to use the companies’ experience in hotel development and asset management to support the hotel’s long-term positioning, including possible asset enhancement works aimed at improving revenue and performance.
OUE deputy CEO and executive director Brian Riady said: “This presents an opportunity for us to add value to a strategic hospitality asset through our proven development and asset enhancement capabilities.
“Building on our first partnership with Tokyo Century on Hotel Indigo Changi Airport, we will leverage our complementary strengths — OUE’s established track record in real estate development and asset management, alongside Tokyo Century’s experience in hotel development and operations in Japan — to realise the full potential of Crowne Plaza Changi Airport.”
OUE said the deal fits its “asset right” strategy, which focuses on capital allocation and expanding third-party funds under management.
It added that the acquisition would extend its working relationship with Tokyo Century and support fee-based income through asset management and development management fees.
The proposed deal is subject to approval from Changi Airport Group and OUE REIT unitholders.
Tokyo Century deputy president and executive officer Yoichiro Nakai said: “Directly connected to Changi Airport — Singapore’s gateway to the world — Crowne Plaza Changi Airport is a highly strategic hospitality asset.
“By combining our extensive expertise and capabilities in the hotel industry with OUE’s strengths, we aim to further enhance the property’s long-term competitiveness and deliver sustainable value to all of our stakeholders.”
