Ascott is to manage London’s Cavendish Hotel, after a £158.8 million deal. The 230-room hotel will undergo transformation and rebranding when Ascott takes over later on in the year.
Serviced apartment provider The Ascott Limited (Ascott) has signed an agreement to acquire the four-star Cavendish Hotel in London for £158.8 million. The company will manage the hotel from the fourth quarter of 2012 and will convert the property into a luxurious serviced residence under the premier Ascott The Residence brand, renaming it Ascott St James London.The acquisition of the property, which is located in St James’s in Mayfair, marks the expansion of the Ascott brand in the English capital, where it already owns six properties: Ascott Mayfair, Citadines Prestige Trafalgar Square, Citadines Prestige Holborn-Covent Garden, Citadines Prestige South Kensington, Citadines Barbican and St Marks serviced residence. It enhances the company’s presence in Europe where it currently manages over 5,000 units across 45 properties in 20 cities.
