The Ascott Ltd., the serviced residences company owned by Singapore-based CapitaLand, will launch its luxury Ascott brand in France with a luxury extended-stay hotel near l’Arc de Triomphe. Ascott will acquire the existing Hotel K and an adjacent vacant residential property for about €65 million and will combine the properties into Ascott Arc de Triomphe Paris
When it opens next month, the new 106-key serviced residence will increase Ascott’s Europe portfolio to about 5,400 units in 49 properties across 22 cities. It will mark the flagship brand’s France debut, although the company’s Citadines Apart’hotel brand already operates 32 locations in the country. It will be the Ascott brand’s third Europe property to debut this year, joining serviced residences in Frankfurt and Hamburg. CEO Lim Ming Yan says, “These investments form part of our ongoing capital recycling strategy, with Ascott redeploying a portion of almost S$1 billion (US$807 million) in proceeds generated by the divestment of 28 assets to Ascott Residence Trust last year. These new assets will further enhance our real estate investment portfolio in Europe and form a quality pipeline for the Ascott Residence Trust.” The Ascott Ltd.’s global portfolio now sits at approximately 22,000 guestrooms and apartments, with an additional 5,000 in the development pipeline. The company is aiming for an inventory of 40,000 units by 2015.When it opens next month, the new 106-key serviced residence will increase Ascott’s Europe portfolio to about 5,400 units in 49 properties across 22 cities. It will mark the flagship brand’s France debut, although the company’s Citadines Apart’hotel brand already operates 32 locations in the country. It will be the Ascott brand’s third Europe property to debut this year, joining serviced residences in Frankfurt and Hamburg. CEO Lim Ming Yan says, “These investments form part of our ongoing capital recycling strategy, with Ascott redeploying a portion of almost S$1 billion (US$807 million) in proceeds generated by the divestment of 28 assets to Ascott Residence Trust last year. These new assets will further enhance our real estate investment portfolio in Europe and form a quality pipeline for the Ascott Residence Trust.” The Ascott Ltd.’s global portfolio now sits at approximately 22,000 guestrooms and apartments, with an additional 5,000 in the development pipeline. The company is aiming for an inventory of 40,000 units by 2015.
