Article from BTNews 19 DECEMBER 2016
Ireland debut for Ascott
Serviced residence owner/operator The Ascott Ltd has expanded its global footprint to Ireland after acquiring an operating property, the 136-unit Temple Bar Hotel, in Dublin for €55.1m (about £46.3m).
Ascott CEO Lee Chee Koon said Europe was a key market for the company’s expansion and noted Ireland’s pro-business environment had attracted some of the world’s biggest companies to establish their European headquarters in Dublin.
“Ireland is also used as a launchpad to the EU by many US companies and the US is among Ascott’s top source markets globally,” he added.
“Ascott’s entry into Ireland will cater to this rising demand for accommodation by corporate and leisure travellers, while the acquisition will boost Ascott’s €1.2bn (about £1bn) portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020.”
Managing director for Europe Alfred Ong said acquiring an operating property in Dublin gave Ascott, which had already built a strong presence in Europe as one of the region’s largest international serviced residence owner/operators, a much-faster time-to-market. Tthe company now looked forward to bringing its signature hospitality to Ireland with centrally-located and quality accommodation.
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