Tishman Speyer acquires Shanghai hotel for multifamily conversion

Tishman Speyer announced it has acquired a 20-story property located at Wujiaochang in Shanghai from Pengxin.

Tishman Speyer plans to convert the former hotel into approximately 300 new rental apartments, marking the company’s first multifamily project in Shanghai.

The residences, located on Levels 2 to 20 of the development, range from studios to two bedrooms and feature upgraded bathrooms and new kitchens They will be operated by Singapore-headquartered Frasers Hospitality.  Tishman Speyer intends to complete renovations and open the property in second quarter 2025.

In conjunction with the apartment conversion, Tishman Speyer will transform the lower levels of the 34,279-square-meter (368,976-square-foot) property i