Big buy in Manhattan
Ascott Residence Trust (Ascott Reit) recently acquired the 224-unit DoubleTree by Hilton Hotel New York – Times Square South for US$106 million (See photo).
The freehold property is located in Midtown Manhattan near Times Square, one of the most visited locations in the world, with more than 40 million visitors each year.
“This acquisition would strengthen our foothold in New York, which saw record high visitor arrivals in 2016,” said Bob Tan, Ascott Residence Trust Management Limited’s (ARTML) chairman.
Ascott Reit’s serviced residences are mostly operated under the Ascott, Citadines and Somerset brands. They are mainly located in key gateway cities such as Barcelona, Berlin, Brussels, Guangzhou, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, London, Manila, Melbourne, Munich, New York, Paris, Perth, Shanghai, Singapore and Tokyo.
Ascott Reit is an indirect wholly owned subsidiary of CapitaLand Limited, one of Asia’s largest real estate companies.