3 SEPTEMBER 2012
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Ascott, the apartment specialist, has signed an agreement to acquire the Cavendish Hotel in London’s Mayfair for £158.8m. The company will manage the 230-room hotel from the fourth quarter of 2012 and will subsequently transform the property into a luxurious serviced residence under the premier Ascott ‘Residence’ brand, renaming it Ascott St James London.
Acquisition of The Cavendish London increases Ascott’s central London portfolio to seven properties. The hotel transformation and rebranding will mark the expansion of the Ascott brand in London and enhance the company’s presence in Europe where it currently manages over 5,000 units across 45 properties in 20 cities.
Ascott Mayfair, Citadines Prestige Trafalgar Square, Citadines Prestige Holborn-Covent Garden, Citadines Prestige South Kensington, Citadines Barbican and St Marks serviced residence are the current Asott offerings in London. www.the-ascott.com
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