8 MAY 2017
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CapitaLand’s serviced residence business unit, The Ascott Ltd, has acquired the prime 125-unit Hotel Central Fifth Avenue New York and is investing nearly $50m (about £38m) in rebranding it as the first Citadines development in the US.
The acquisition follows Ascott’s recent foray into South America through franchise agreements for two Citadines serviced residences in São Paulo.
The company’s real estate investment arm, Ascott Residence Trust, also acquired the 369-unit Sheraton Tribeca New York Hotel and the 411-key Element New York Times Square West hotel in 2016 and 2015 respectively.
CEO Lee Chee Koon said: “The debut of our Citadines brand, our fastest-growing brand, in North America is a significant move to expand Ascott’s global network.
“Citadines has more than tripled its portfolio since we acquire the Citadines Apart’hotel chain in Europe in 2004; we have since brought the brand to Asia Pacific, Middle East and South America, and now the US.
Lee added: “Besides strengthening our foothold in a major business catchment area of New York, we also see opportunities for Ascott to expand in other US cities such as Boston, Los Angeles, San Francisco and Washington DC.”
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