Prima Asset Management, a Singapore-based real estate asset management company, has acquired the freehold Prime Hotel located in the Paddington area in London.  

Financial details of the transaction remain undisclosed. 

The acquisition is part of the company’s aim to enhance its presence across the UK, through the VCC Investment Fund managed by First Degree Global Asset Management. 

Funded by OakNorth Bank, and in collaboration with London-based property operator and developer Capilon Group, Prime Hotel is poised for a revamp.  

This overhaul would increase the number of rooms from 68 to more than 80, with an anticipated end value of S$70m ($51.73m). 

The refurbishment aims to enhance the hotel's offerings while preserving its original Georgian architecture.  

Prima Asset Management co-founder and CEO Ben Hall said: “With our proven track record in identifying and structuring unique risk-adjusted real estate investment opportunities, the strategic acquisition of this prime property not only signifies our focus on the resilient London hotel market but also positions us in one of London's most attractive growing sub-markets.” 

Prima co-founder and partner Birbal Singh Bajaj said: “With London recording the second highest international tourism arrivals globally in 2023, we are confident in the long-term prospects the city has to offer as it remains an attractive and robust investment destination.  

“This investment resonates with us personally as it reminds us of our family's continued interest and investments in the Singapore Shophouse market.”