HICAP award winners named

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.”