Asset Type: Residential
Location: Huangpu District, Shanghai
Investment Year: 2007
Exit Year: 2009

Acquisition and refurbishment of a distressed asset consisting of two apartment towers with 308 units in Xintiandi, the most luxurious and fashionable area in Shanghai. The property was completed in 2001 and previously operated as serviced apartments with outdated fit-outs; an Indonesian businessman purchased the asset in 2005 and planned to rebrand the property as Ritz Carlton Residences Shanghai, but failed to deliver after pre-selling about a third of the units. The ARE team then acquired the property and fully renovated the façade and interior to the highest international luxury standards. The pre-sold units were delivered successfully along with all remaining units in the same tower, and we operated the second tower en-bloc as serviced apartments under Starwood’s Baccarat brand.